Walt Disney & Co on February 8 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 layoffs represent an estimated 3.6% of Disney's global workforce. The media company, 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. The company said the restructuring would streamline operations, making its business more efficient, and reducing costs. Disney is the latest media company to announce job cuts in response to slowing subscriber growth and increased competition for streaming viewers.