Disney to cut 7,000 jobs in major reorganization
LOS ANGELES (Reuters) – Walt Disney Co on Wednesday announced a sweeping restructuring under recently reinstated CEO Bob Iger, cutting 7,000 jobs as part of an effort to save $5.5 billion in costs and make its streaming business profitable. The layoffs represent an estimated 3.6% of Disney’s global workforce. Shares of Disney rose 4.7% to $117.22 in after-hours trading. The …
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