2/8, 10:45 PM (Source: TeleTrader)
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Disney to cut 7,000 jobs amid reorganization plans

Walt Disney Co. announced on Wednesday the media conglomerate will be splitting into three separate units as part of its reorganization plans, laying off as many as 7,000 people or 3% of its workforce in the process.

The company will consist of three divisions following the reorganization, Disney Entertainment, ESPN and the unit involving parks, experiences and other products. The latest decision will bring a $5.5 billion reduction in costs.

The announcement came minutes after Disney posted its earnings results, prompting company stock to surge nearly 9% in the after-hours trade.

Baha Breaking News (BBN) / ND