Disney to cut 7,000 jobs as company hints at Toy Story and Frozen sequels

Bob Iger Photographer: Qilai Shen/Bloomberg

Walt Disney Co. shares rose in extended trading after Chief Executive Officer Bob Iger announced plans for a dramatic restructuring of the world’s largest entertainment company, including 7,000 job cuts and $5.5bn in cost savings.

The reductions include plans to cut $3bn from its budget for movies and TV shows and the rest in non-content related areas. About $1bn of the savings are already underway, Iger said Wednesday on a conference call with investors.