Walt Disney began letting go thousands of employees on Monday in the entertainment giant's
This is the second of what's expected to be three rounds of cuts, Disney said in a statement. The first reductions to Disney's 220,000-person workforce came in March. This round, which will last through Thursday, should bring the total positions eliminated to around 4,000, the company said.
Disney's latest job reductions, which Bloomberg
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Cuts are coming to all of Disney's divisions, from the company headquarters in Burbank, California, to Connecticut, where its ESPN sports networks are based.
On Monday, ESPN began notifying employees who are being fired. This round of layoffs will focus on the sports network's behind-the-scenes employees, according to a person with knowledge of the matter. Around midyear, ESPN will make cuts to on-air talent, with a likely mix of layoffs and salary reductions.
Hourly workers at Disney's theme parks won't be affected, the company said. The third round should come before the beginning of summer.
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Disney is racing to curb losses on its flagship Disney+ streaming service, which debuted in 2019. Wall Street's attention since then has shifted from subscriber growth to the staggering cost of operating online video platforms.
Iger returned to lead Disney in November after the company