Walt Disney CEO Bob Iger on Wednesday announced a sweeping corporate restructuring that will result in 7,000 people losing their jobs as part of an effort to achieve $5.5 billion in cost savings. The Mouse House, which is under pressure to turn a profit from its global streaming business, said it would reorganize into three segments: an entertainment unit that encompasses film, television and streaming; a sports-focused ESPN unit; and Disney parks, experiences and products.

Go woke, go broke.

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