KEY POINTS
  • Disney said it will be reorganizing into three divisions: Entertainment, ESPN and parks and experiences.
  • Disney will slash 7,000 jobs from its workforce and plans to cut $5.5 billion in costs, including $3 billion in content savings.
  • CEO Bob Iger said the company isn't considering a spinoff of ESPN.

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Disney said Wednesday it is planning to reorganize into three segments, while also cutting thousands of jobs and slashing costs.

The media and entertainment giant said it would now be made up of three divisions:

In this article