Disney Jumps on Iger’s $5.5 Billion Savings Plan, Job Cuts (3)

Walt Disney Co.’s shares climbed after Chief Executive Officer Bob Iger announced plans for a dramatic restructuring of the world’s largest entertainment company, including 7,000 job cuts and $5.5 billion in cost savings.

The reductions include plans to trim $3 billion from its budget for movies and TV shows and the rest in non-content related areas. About $1 billion of the savings are already underway, Iger said Wednesday on a conference call with investors.

Bob Iger

Photographer: Qilai Shen/Bloomberg

As part of the change, Disney’s CEO also announced that the company will be reorganized into three divisions: an entertainment unit that includes its ...