Disney to cut 7,000 jobs in major revamp

Disney to cut 7,000 jobs in major revamp

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, reports Reuters.

The layoffs represent an estimated 3.6 per cent of Disney's global workforce.

Shares of Disney rose 4.7 per cent to $117.22 in after-hours trading.

The steps, including a promise to reinstate a dividend for shareholders, addressed some of the criticism from activist investor Nelson Peltz that the Mouse House was overspending on streaming.

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