Disney began a second wave of layoffs Monday as it is expected to have cut its workforce by 4,000 employees at the end of the week.
This second round of cuts, set to be completed Thursday will impact Disney employees throughout the country in sectors ranging from ESPN, Disney Parks, Experiences and Products and Disney Entertainment.
Notifications of those affected will be issued from Monday through Thursday, a memo from Disney entertainment co-chairs Alan Bergman and Dana Walden said.
“These are hard decisions and not ones we take lightly — but every decision has been made with considerable thought, and we are doing everything we can to make sure this process is conducted with respect and compassion,” the co-chairs said.
The layoffs are part of a major, multi-tiered restructuring plan, announced in February, to cut costs at Disney by $5.5 billion after its valuation plummeted last year.
Disney announced earlier this year it planned to slash $3 billion in content expenses and $2.5 billion from non-content costs. The company said it had previously cut about $1 billion last quarter.
The company ultimately aims to lay off about 7,000 employees, trimming about 3% of its workforce estimated at 220,000 people as of Oct. 1, including 166,000 in the United States and another 54,000 globally.
Disney’s cost-cutting spree comes as the company continues to try to make its streaming business more profitable and survive a proxy war with Nelson Peltz and his Train Management firm, which was eventually called off.
This content is published through a licensing agreement with Acquire Media using its NewsEdge technology.