Just The News Reports: The layoffs come as Iger seeks to find $5.5 billion in cost savings to put Disney on stronger financial footing.

The Walt Disney Co. will soon lay off 7,000 workers, CEO Bob Iger announced on the company's Wednesday earnings call.

"This reorganization will result in a more cost-effective, coordinated and streamlined approach to our operations... I do not make this decision lightly," Iger said, according to ABC News.

The layoffs come as Iger seeks to find $5.5 billion in cost savings to put Disney on stronger financial footing, CNN Business reported. Of that total, he seeks to find $2.5 billion in savings from "non-content" operations.

That figure amounts to approximately three percent of the company's worldwide workforce. The layoffs come amid a string of woes for the company, including the streaming platform Disney+ losing subscribers for the first time since its launch, the outlet noted.



Disney axed CEO Bob Chapek in November in favor of restoring Iger, who led the company for a decade prior to Chapek's tenure. Company stock was up nearly 5 percent in the hours following the news.