Disney to cut 7,000 jobs in Iger’s company ‘transformation’

LOS ANGELES — The Walt Disney Co. will cut about 7,000 jobs as part of an ambitious companywide cost-savings plan and “strategic reorganization” announced Wednesday by CEO Bob Iger.

The company, which owns Star Wars, Marvel and Pixar, will focus more on its core brands and franchises, Iger said. In its latest results, solid growth at Disney’s theme parks helped offset tepid performance in its video streaming and movie business. Revenue grew 8% to $23.51 billion from $21.82 billion a year earlier. Analysts were expecting revenue of $23.44 billion.

Disney+ ended the quarter with 161.8 million subscribers, down 1% from since Oct. 1. Hulu and ESPN+ each posted a 2% increase in paid subscribers during the quarter.

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