Disney's Bob Iger is planning to lay off 7,000 employees in a 'significant transformation' to cut back costs as he eliminates some of his predecessor's efforts.
On Wednesday, Iger announced his plans to restructure the company, effectively eliminating the Disney Media and Entertainment Distribution group set up under former CEO Bob Chapek.
The new structure, according to the , will have only three divisions, Disney Entertainment — which will include film and TV assets as well as Disney+; ESPN — which will include ESPN and ESPN+; and Parks, Experiences and Products — which will include theme parks and the consumer products team.
As part of that changeup, Disney will cut 7,000 jobs — representing a little over three percent of its global workforce.

The cuts are likely to predominantly affect the [url=https://www.cnn.com/entertainment/celebrities]entertainment and ESPN divisions, despite the company beating analyst's expectations for the fourth quarter of 2022.
The changeup comes as Florida Gov.
Ron DeSantis seizes control of Disney's Reedy Creek Improvement District and the company faces a proxy battle with an activist investor seeking to gain a seat on the board.





Much of the layoffs are expected to be in the entertainment division, which includes Disney+, as well as ESPN, which includes ESPN+






Disney shares ticked upwards following the earnings call on Wednesday

But Disney has been under fire recently by billionaire investor Nelson Peltz, who has claimed Iger is not fit to lead the company, citing falling revenues. 
Last week, Peltz — the founder of Trian Management — sent a letter to Disney shareholders on Thursday asking them to vote for him rather than longtime board member Michael BG Froman.
It was just the latest move Peltz made in his ongoing war with Disney, after previously filing paperwork with the United States Securities and Exchange Commission submitting arequest for a seat at the Mickey Mouse table and EvDeN Eve NAKLiyAt launching a campaign across social media.
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Billionaire investor Nelson Peltz (pictured in October) sent an open letter to Disney shareholders last week in his ongoing efforts to get a seat on the board






Florida Gov. Ron DeSantis announced on Monday he is seizing control of Disney's special tax district













Meanwhile, Florida Gov. Ron DeSantis has seized control of Disney's formerly self-governing district in Florida and announced on Monday that the company must repay $700 million in debt and begin paying taxes.
The Florida governor took control of the five-member Reedy Creek Improvement District board, which oversees nearly 40 square miles of central Florida, on which the Walt Disney World Resort is built.
Considering most of the land within the special district is owned by Disney and its affiliates, the company has been given an unprecedented power since 1967 to determine how the area is run — essentially allowing the Wald Disney Co. to operate as its own form of government. 
'Disney's going to pay its debt,' DeSantis assured during a press conference on Wednesday morning. 
'What I said really for the last six, nine months is: Disney is no longer going to have self-government. They're not going to have their own government. Disney is gonna pay their fair share of taxes and honor their debts. And that's exactly what this proposed piece of legislation will do.' 
He then went on to blast critics, saying: 'A lot of folks in the media were saying that, "Oh my gosh, Disney's actually going to pay less taxes and Floridians are going to pay more taxes." They were saying that. And I'm like, "You've got to be kidding me."'
'Well, this puts that to bed and so those debts will be honored,' he continued.
'This is now obviously going to be controlled by the state of Florida. There's a new sheriff in town.'







A new bill would give the governor full control over the district, and the ability to appoint the five-member board of supervisors that run the special district. The nominees would then need to be confirmed by Florida state senators.
The proposed legislation would prevent anyone who has ties to the theme park from serving on the new board, while keeping in place its obligation to pay almost $1billion in outstanding bonds.
It would also term-limit board members and put the governor in charge of nominating members - as well as allowing Florida to impose taxes and laws on Disney and the district its resort encompasses.
Additionally, the bill would ensure Disney is held responsible for paying more than $700 million in unsecured debts and makes sure that doesn't fall on Florida taxpayers. 
'These actions ensure a state-controlled district accountable to the people instead of a corporate-controlled kingdom,' DeSantis' deputy press secretary Jeremy Redfern told DailyMail.com
If approved, the legislation would permanently eliminate Disney's ability to self-govern the area spanning Orange and Osceola counties in Florida.
And the Reedy Creek Improvement District will be renamed the Central Florida Tourism Oversight District.   
Walt Disney World president Jeff Vahle released a statement on the proposed legislation, saying the company is 'monitoring the progression' of the legislation.
'Disney works under a number of different models and jurisdictions around the world, and regardless of the outcome, we remain committed to providing the highest quality experience for the millions of guests who visit each year.'