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Disney is exploring a massive restructuring that would include selling the majority of its stake in California-based theme park company Pixar to a Chinese company and potentially merging it with another theme park, the company said.

The company also is weighing the possibility of selling the Disneyland Resort to a private investor.

Disney’s shares fell 2.3 percent to $46.59 in afternoon trading in New York.

In a conference call with investors Thursday, Disney CEO Bob Iger said the company is “deeply focused” on expanding its theme park portfolio and is “considering options that we may consider in the future.”

Disney has been facing pressure from state officials to trim its spending and raise taxes in the wake of a record-breaking recession that has driven record home prices, job losses and rising unemployment.

In June, the California legislature passed a $3.2 billion package to deal with the recession, but the measure has been blocked in a Senate committee and is expected to fail in the full Legislature.

Disney is also facing pressure to reduce the size of its corporate footprint in California, where it has a large number of parks, resorts and other properties.

The Walt Disney Company reported a $4.4 billion loss for the fiscal year that ended June 30, compared with a $7.1 billion loss a year earlier.

Iger called the Disney stock price a “significant premium” over the market average of $45.00 per share.

Disney also has faced a sharp decline in quarterly earnings for the last two years, falling to $3 billion in the fourth quarter.

But the company has been trying to increase its share count to meet rising demand for its properties.

It has been selling some of its parks to private investors, including Disney’s theme park business, as it tries to stem a slump in sales and profitability.