The Walt Disney Co. will soon lay off 7,000 workers, CEO Bob Iger announced on the company's Wednesday earnings call.

"This reorganization will result in a more cost-effective, coordinated and streamlined approach to our operations... I do not make this decision lightly," Iger said, according to ABC News.

The layoffs come as Iger seeks to find $5.5 billion in cost savings to put Disney on stronger financial footing, CNN Business reported. Of that total, he seeks to find $2.5 billion in savings from "non-content" operations.

That figure amounts to approximately three percent of the company's worldwide workforce. The layoffs come amid a string of woes for the company, including the streaming platform Disney+ losing subscribers for the first time since its launch, the outlet noted.

Disney axed CEO Bob Chapek in November in favor of restoring Iger, who led the company for a decade prior to Chapek's tenure. Company stock was up nearly 5 percent in the hours following the news.

The layoffs come amid a string of job cuts at media companies, including Warner Bros., ABC noted.

It comes amid a row between the company and Florida Republican Gov. Ron DeSantis over the company's self-governing status around Disney World. The company earned Republican ire following its public opposition to Tallahassee's education policies, which left-wing activists have deemed anti-LGBT.

Ben Whedon is an editor and reporter for Just the News. Follow him on Twitter.