The Walt Disney Co. announced Wednesday that it will be laying off 7,000 employees and cutting costs by $5.5 billion in the coming months as part of an effort to increase the profitability of its streaming business and focus more on core brands and franchises. Activist shareholder Nelson Peltz's demands for changes at Disney appear to have been satisfied by the announcement, and the reorganization is expected to be completed by the end of the fiscal year. No details have been released yet on which departments will be affected by the layoffs.