The Walt Disney Company will slash 7,000 jobs in an effort to cut costs and will be restructured into three core business segments, CEO Bob Iger revealed Wednesday during the company's first-quarter earnings call. 

Iger said the company would be restructured into three core business segments: Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products, and that streaming would continue to be a focus for the company. Those changes would be implemented immediately.

Across the company, Disney is hoping to cut $5.5 billion, of which $2 billion was expected to come from labor reductions, according to the call. An executive said the reductions would be about 50% marketing, 30% labor, and the rest would be in tech, procurement, and other areas.

"We are embarking on a significant transformation" - CEO Bob Iger.

"After a solid first quarter, we are embarking on a significant transformation, one that will maximize the potential of our world-class creative teams and our unparalleled brands and franchises," Iger said in a statement.

"We believe the work we are doing to reshape our company around creativity, while reducing expenses, will lead to sustained growth and profitability for our streaming business, better position us to weather future disruption and global economic challenges, and deliver value for our shareholders," he said.

Iger said these decisions would help the company become more cost-effective, coordinated, and streamlined.