Disney to begin layoffs of 7,000 employees

Walt Disney Co on Monday began 7,000 layoffs announced earlier this year, as it seeks to control costs and create a more "streamlined" business, according to a letter Chief Executive Bob Iger sent to employees and seen by Reuters.Several major divisions of the company - Disney Entertainment, Disney Parks, Experiences and Products, and corporate - will be affected. 

The second round of layoffs will be much larger. The employees will be notified in the month of April with several thousand more staff reductions. The third and final round of notifications is expected before the beginning of the summer. Disney expects that these moves will help it stop losing money in 2024.

In the memo, to Disney employees, Iger wrote, “We have made the difficult decision to reduce our overall workforce by approximately 7,000 jobs as part of a strategic realignment of the company, including important cost-saving measures necessary for creating a more effective, coordinated, and streamlined approach to our business." He added, “For our employees who aren’t impacted, I want to acknowledge that there will no doubt be challenges ahead as we continue building the structures and functions that will enable us to be successful moving forward.”