Disney World celebrated its 50th anniversary in April 2022.
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Disney said Wednesday it is planning to reorganize into three segments.
The media and entertainment giant said it would now be made up of three divisions:
- Disney Entertainment, which includes most of its streaming and media operations
- An ESPN division that includes the TV network and streaming service
- A Parks, Experiences and Products unit
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The move marks the most significant action Bob Iger has taken since returning to the company as CEO in November. Disney announced the changes minutes after it posted its most recent quarterly earnings.
On Wednesday during its quarterly earnings call with investors, Disney also announced it would be cutting $5.5 billion costs, which will be made up of $3 billion from content, excluding sports, and the remaining $2.5 billion from non-content cuts.
Disney also said it would be eliminating 7,000 jobs from its workforce. That would be about 3% of the roughly 220,0000 people it employed as of Oct. 1, according to an SEC filing, with roughly 166,000 in the U.S. and about 54,000 internationally.
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