Disney's CEO Bob Iger announced in a Wednesday earnings call that the company will lay off around 7,000 workers as part of an effort to try and cut costs by billions of dollars.
The layoffs will represent about 3.2% of Disney's total workforce which is about 220,000 worldwide as of October, Variety reported.
Disney will try to reduce its non-sports content costs annually by about $3 billion as well, according to Disney CFO Christine McCarthy.
Iger said, “We are going to a really hard look at everything we make."
"Things in a more competitive world have simply gotten more expensive,” he said.
Earlier Iger announced a new structure for the company. It will have three divisions called Disney Entertainment. The structurewill include the company's TV and film content, including Disney+.
ESPN will be joined with ESPN+ and the other division will be the Parks, Experiences and Products which will contain consumer products and theme parks.