A second round of Disney layoffs begins today as the company moves towards eliminating 7,000 jobs. A total of 4,000 jobs will be eliminated by week's end.
will begin its second round of layoffs of the year today. The notifications will be handed out to staff through Thursday, concluding with approximately 4,000 job eliminations completed overall by week’s end, according to company officials.
Details regarding specific departments and positions affected by the layoffs will come throughout the week. The layoffs are part of Disney’s efforts to achieve about $5.5 billion in cost savings. Of that, $2.5 billion represents “non-content costs” and $1 billion of those targeted cost-reductions were already underway in February,. Disney is aiming for an annualized reduction of $3 billion in non-sports content costs, expected to be realized over the next several years, Disney CFO Christine McCarthy said.
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