Disney plans to begin laying off employees this week as the first of three rounds of layoffs before the summer.
The company initially announced the layoffs in February, saying it plans to cut 7,000 jobs and $5.5B in costs, including $3B in content savings.
Disney said it plans to reorganize into three segments: Disney Entertainment; ESPN; and Parks, Experiences, and Products.
- The move marks the most significant action CEO Bob Iger has taken since returning to the company in November.
- The job cuts will impact all the company’s divisions, including media and distribution, parks and resorts, and ESPN.
- The layoffs represent about 3% of Disney’s global workforce as of October.
