The Walt Disney Co. said Wednesday 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’s global workforce and were announced Wednesday after Disney reported quarterly results that topped Wall Street’s forecasts, according to AP.
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.
As of Oct. 1, Disney employed 220,000 people, of which about 166,000 worked in the U.S. and 54,000 internationally.
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