Disney has 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, at the same time as revealing plans for sequels to Toy Story and Frozen.

The Guardian reports the layoffs represent an estimated 3.6% of Disney’s global workforce and come after major job cuts at other U.S. giants including Alphabet, Amazon, Ford and Meta.

Disney, 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 restructuring would streamline operations, making its business more efficient, and reduce costs, the company said.

Disney is the latest media giant to announce job cuts in response to slowing subscriber growth and increased competition for streaming viewers. Warner Bros Discovery and Netflix previously underwent layoffs.