Disney plans to reduce its workforce by 7,000 jobs as part of a larger reorganization that will see the company cut $5.5 billion in costs.
The second round, which will be completed Thursday, will affect various divisions across the company, including Disney Entertainment and ESPN, as well as Disney Parks, Experiences and Products. The jobs affected will span across the country from Burbank, California, to New York and Connecticut. CNBCThe company said it expects to start its third wave of layoffs before the beginning of the summer in order to reach the 7,000 target.
Iger said earlier this year Disney's cost reductions would include cutting $3 billion in content expenses, excluding sports, and the remaining $2.5 billion from noncontent cuts. At that point, Disney executives said about $1 billion in cost-cutting had already been underway since last quarter. The cost-cutting measures at Disney come as media companies have been pulling back on content spending — and spending in general — as they look to make their streaming businesses profitable. The reorganization was also put into place when Disney was
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