Walt Disney Co on Wednesday announced a sweeping restructuring under recently reinstated CEO Bob Iger, cutting 7,000 jobs as part of an effort to save $5.5 billion in costs and make its streaming business profitable.

The layoffs represent an estimated 3.6% of Disney’s global workforce.

Shares of Disney rose 4.7% to $117.22 in after-hours trading. The steps, including a promise to reinstate a dividend for shareholders, addressed some of the criticism from activist investor Nelson Peltz that the Mouse House was overspending on streaming.

“We are pleased that Disney is listening,” a spokesperson for Peltz’s Trian Group said in a statement.

Under a plan to cut costs and return power to creative executives, the company will restructure into three segments: an entertainment unit that encompasses film, television and streaming; a sports-focused ESPN unit; and Disney parks, experiences and products.

“This reorganization will result in a more cost-effective, coordinated approach to our operations,” Iger told analysts on a conference call. “We are committed to running efficiently, especially in a challenging environment.”

Iger said streaming remained Disney’s top priority.

He said the company would “focus even more on our core brands and franchises” and “aggressively curate our general entertainment content.”

e-rupee to be piloted by 5 more banks

Five more banks will join the pilot on the central bank digital currency or e-rupee for retail customers and the project will be extended to nine additional cities, the Reserve Bank said on Wednesday, February 8.

The RBI, which began piloting the central bank digital currency or e-rupee for retail customers in early December, stressed it does not want to rush with it but favours a slow and steady adoption.