Disney to cut 7K jobs amid reshuffle

Disney's first earnings report since Bob Iger's return as CEO came with two major bombshells: The company is splitting into three parts, and it's cutting 7,000 jobs — around 3% of its workforce — as it aims to reduce costs by roughly US$5.5 billion. The reorganized company will consist of Disney Entertainment; Parks, Experiences and Products; and ESPN. Iger signaled Thursday that Disney might sell its two-thirds stake in Hulu rather than buy Comcast’s one-third stake in the streamer, as many Disney watchers had expected. "Everything’s on the table right now,” Iger told CNBC.

• The shakeups came as Disney announced stronger-than-expected revenue and earnings, including a 21% revenue bump in its theme park and products segment.
• The earnings report revealed Disney+ lost subscribers after a December price increase, but fewer than analysts feared — 2.4 million vs. more than 3 million.
• Activist investor Nelson Peltz ended his proxy battle to secure a board seat after the restructuring was announced, telling CNBC that “Disney plans to do everything we wanted them to do."