Disney World CEO Bob Iger revealed plans Wednesday to lay off 7,000 workers of the company’s global workforce, about 3% of the workforce.

Iger introduced what he called a restructuring focused on overhauling the company’s streaming business in his first public financial report since returning to the company in late November.

Iger said the layoffs are part of the company’s efforts to slice $5.5 billion in operating costs. He did not say where the cuts would occur. Spokespeople for the corporate company and Walt Disney World did not immediately return a request for comment Wednesday evening.

The earnings call occurred as the Florida Legislature moved forward with plans for a state overhaul of Disney World’s Reedy Creek Improvement District.

These plans include replacing the district’s five-member board, previously appointed by Disney, with one appointed by the Governor and renaming the district to the Central Florida Tourism Oversight District.

Disney’s theme parks division generated $7.4 billion in revenue last quarter and a record $28.7 billion in its 2022 fiscal year, the quarterly report said.

-------