Walt Disney has begun to lay off 7,000 of its employees in a move that was first announced earlier this year.
Quoting CEO Bob Iger, Reuters reports that the action is being taken to control costs and create a streamlined business. It adds that according to a source familiar with the matter, the businesses impacted by the cuts will initially be Disney Entertainment, Disney parks, Experiences and Products, as well as corporate, with ESPN likely to be included at a future date.
The first employees to be made redundant will be contacted later this week, with several thousand reductions taking place in Aprilm and the remainder in the summer.
As previously reported by Broadband TV News, the job cuts form part of a major restructuring and have come alongside Disney+ losing subscribers for the first time since its launch in November 2019.
The restructuring should result in cost savings of $5.5 billion, with $2.5 billion being in non-content and $3 billion in content, excluding sport, over the next few years.