Walt Disney Co. (NYSE: DIS) is following through with previously announced mass layoffs beginning on Monday, as the ‘happiest place on Earth” looks to “streamline” its business and cut costs.
In a letter distributed to employees and seen by Reuters, CEO Bob Iger said layoffs affecting over 7,000 workers across Disney’s major divisions— including corporate, Disney Entertainment, Disney Parks, and Experiences and Products will start this week, followed by a second and third round of staff reductions in April and at the start of summer, respectively.
The job cuts were initially announced back in February, as the entertainment conglomerate looks to cut $5.5 billion in costs and start turning a profit with its streaming business. Disney decided to overhaul its costs after losing billions across its video streaming services in an attempt to compete against Netflix.
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