The Walt Disney Co. has announced that it will be cutting 7,000 jobs from its global workforce, amounting to about 3% of its total employees. The job cuts are part of a cost-cutting effort and are part of a “significant transformation” for the media and entertainment giant, as CEO Bob Iger is under pressure to revive the company's financial fortunes and its stock price. The job cuts come as a shock to many and it remains to be seen how the company will adjust to the changes and how its employees will be affected.