Disney To Cut 7,000 Jobs In Iger’s Company ‘Transformation’

LOS ANGELES (AP) – The Walt Disney Co. says it will cut about 7,000 jobs as part of a “significant transformation” announced by CEO Bob Iger.

The job cuts amount to about 3% of the entertainment giant’s global workforce and were announced Wednesday after Disney reported quarterly results that topped Wall Street’s forecasts.

Iger returned as CEO in November following a challenging two-year tenure by his handpicked successor, Bob Chapek.

The company says the job reductions are part of a targeted $5.5 billion cost savings across the company.

In its latest results, solid growth at Disney’s theme parks helped offset tepid performance in its video streaming and movie business.

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