Walt Disney Co. DIS Chief Executive Bob Iger on Thursday outlined the media giant’s major reorganization announced a day earlier. Under the plan, which entails 7,000 layoffs and $5.5 billion in cost savings, Disney will be cut into three core businesses. Disney Entertainment, co-chaired by Alan Bergman and Dana Walden, will include entertainment media and content businesses globally, including streaming. ESPN, which includes ESPN networks and ESPN+, will be led by Jimmy Pitaro. Josh D’Amaro is chairman of Disney Parks, Experiences and Products, overseeing a global hub of Disney’s travel and leisure businesses.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.