Disney will lay off 7,000 in plan to reduce up to $5.5 billion in costs

© Reuters. Disney to lay off 7,000 in plan to cut up to $5.5 billion in costs

CEO da Walt Disney (NYSE:), Bob Iger, announced on Wednesday that the company will eliminate 7,000 jobs as part of a restructuring effort to cut up to $5.5 billion in costs.

In a conference call with investors after the disclosure of corporate results, the executive informed that the organization will be divided into three units: Disney Entertainment, ESPN and theme parks.

After the news, the company’s action jumped 8.28% in the after hours of the New York Stock Exchange, around 6:55 pm (Brasília time).