Disney begins layoffs, affecting 4,000 employees
Entertainment giant Disney began its second round of layoffs on Monday, affecting 4,000 workers.
According to a CNBC report, the third round is expected to begin before the start of summer.
Disney plans to cut 7,000 jobs as part of a larger restructuring that will see the company cut costs by $5.5 billion.
“The senior management teams have been working diligently to define our future organization, and our top priority has been to get this right rather than getting it done quickly,” the company said in a statement to employees.
The second round of cuts involves Disney Entertainment and ESPN, as well as Disney Parks, Experiences and Products.
The impactful jobs span the country from Burbank, California to New York and Connecticut, CNBC reports.
“As we move forward as a core Disney segment with operational control and financial responsibility, we must continue to find ways to be efficient and nimble,” ESPN CEO Jimmy Pitaro said in a memo to employees.
“This is a time of transition for Disney, and these changes will affect everyone, whether it affects your role or not. We are committed to supporting you during this period and encourage you to contact your manager or HR partner with any questions or guidance as needed,” the company said.
In February, the entertainment giant announced it was laying off 7,000 employees to cut costs.
“I do not make this decision lightly. I have tremendous respect and value for the talent and dedication of our employees worldwide, and I am aware of the personal impact of these changes,” said the company’s CEO, Bob Iger.
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