LogInThe company's cost-cutting campaign continues.
Following the announcement shared by Disney CEO Bob Iger during an earnings call back in February, the entertainment giant has begun its second round of layoffs, firing "thousands" of its workers in an effort to achieve about $5.5 billion in cost savings.
As reported by Reuters, the second phase of job terminations started today and is expected to persist until Thursday, with the possibility of resuming later this year. According to the report, the hourly employees working at Disney's theme parks and resorts are expected to remain unscathed by the layoffs, while several sectors of the corporation, including Disney Entertainment, ESPN and Disney Parks, Experiences and Products, are undergoing reductions. In total, around 4,000 of Disney's workers will have been let go by the end of the week, the company's representatives noted.
"The senior leadership teams have been working diligently to define our future organization, and our biggest priority has been getting this right, rather than getting it done fast," wrote Disney Entertainment co-chairmen Alan Bergman and Dana Walden in the internal memo. "We recognize that it has been a period of uncertainty and thank you all for your understanding and patience."
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