Disney plans to cut 7,000 jobs and reward shareholders

Disney became the latest company to report deep job cuts, as it said it would cut 7,000 jobs from its global workforce.

Disney had about 220,000 workers as of October 1, of which approximately 166,000 were employed in the United States. A cut of 7,000 jobs represents about 3% of its global workforce.

“While this is necessary to address the challenges we’re facing today, I do not make this decision lightly,” said CEO Bob Iger, who returned to lead the company in November when the board fired Bob Chapek as...