Top NewsDisney is starting to lay off 7,000 employees, CEO Bob Iger announced

Disney is starting to lay off 7,000 employees, CEO Bob Iger announced

New York (CNN) Disney CEO Bob Iger said Monday that his company would begin laying off employees this week, the first of three rounds of cuts expected since the company announced in February. 7,000 jobs.

Cuts Disney’s Worldwide Employees It’s part of a multibillion-dollar cost-cutting initiative aimed at streamlining the company’s operations during a turbulent period in the media industry.

In a memo to employees obtained by CNN, Iger said the layoffs would come in three waves. The first round will begin this week, and managers will begin notifying affected employees soon. A second, larger set of layoffs will take place in April, Iger said, with several thousand workers being let go. A third round of layoffs will occur “before the start of the summer” to meet the company’s planned goal of eliminating 7,000 jobs.

“Many colleagues and friends leaving Disney is a difficult reality and one we do not take lightly,” Iger said in the memo. “Through these difficult times, we must always do what is necessary to ensure that Disney continues to provide exceptional entertainment to audiences and guests around the world — now and into the future.”

Disney (DIS) There were about 220,000 workers on October 1, approximately 166,000 of whom worked in the United States. The 7,000 job cuts represent 3% of its global workforce.

Following Iger’s return to Disney in November, the company’s board fired Bob Sabek as its chairman.

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