Disney to cut 7000 jobs in major revamp by CEO Iger

The Walt Disney Co. announced plans Wednesday to cut about 4% of its entire workforce. That means layoffs for 7,000 employees.

The company's stock increased immediately after the announcement, which was expected.

Returning CEO, Bob Iger, is making a statement to his board about the company's finances moving forward.

His goal is to cut more than $5 billion in costs in part by consolidating divisions that make and distribute movies and TV shows.