The company confirmed the job cuts are part of chief executive Bob Iger’s goal to save $5.5 billion.
Disney is laying off thousands of employees across divisions including ESPN and Disney Parks, according to reports.
The announcement of job cuts came in February, but it’s been officially announced now that 7,000 employees will be laid off split among ESPN, Disney Parks and the company’s Experiences and Product division,reported. The company confirmed its part of chief executive Bob Iger’s goal to save $5.5 billion.
“The difficult reality of many colleagues and friends leaving Disney is not something we take lightly,” Iger said in a memo to staff last month. “In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world – now, and long into the future.”
The layoffs start this week from Monday through Thursday. This comes on the heels of job cuts that occurred last month. By Thursday the cuts will amount to an estimated 4,000. Another wave of job cuts will happen over the summer, equating to about 7,000 jobs lost.
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