Disney is conducting a major company restructuring under one-and-future CEO Bob Iger.

The company is slashing 7,000 jobs and $5.5B in costs.

They’ll also be splitting the company into three divisions:

• Disney Entertainment, which includes most of its streaming and media operations.
• ESPN division, including the TV network and the ESPN+ streaming service.
• Parks, Experiences, and Products unit.

The massive layoff will represent around 3% of Disney’s workforce, and news of the company’s shake-up caused stocks to rise 5% during off-hours trading.