Walt Disney Co. this week begins its plan to cut 7,000 jobs as part of a wider effort to rejuvenate the Burbank entertainment giant's finances and reach profitability at its streaming business.
The first wave of employees facing layoffs will be notified by Disney bosses over the next four days, Chief Executive Bob Iger said in a Monday memo to staff. A second, larger round of cuts will come in April with "several thousand more staff reductions," followed by a final group before the beginning of summer.
The layoffs are spread throughout the company, affecting roles in the units formerly known as Disney General Entertainment and Disney Media and Entertainment Distribution, as well as corporate positions and jobs in the theme parks, experiences and consumer products business, according to people familiar with the matter.
