LOS ANGELES — Walt Disney Co on Monday began 7,000 layoffs announced earlier this year, as it seeks to control costs and create a more"streamlined" business, according to a letter Chief Executive Bob Iger sent to employees and seen by Reuters.
Mr Iger said Disney would begin notifying the first group of employees who are impacted by the workforce reductions over the next four days. A second, larger round of job cuts will happen in April,"with several thousand more staff reductions."The Burbank entertainment conglomerate announced in February that it would eliminate 7,000 jobs as part of an effort to save US$5.5 billion in costs and make its money-losing streaming business profitable.
Details of the layoffs had been closely guarded by the company, though insiders anticipated reductions would happen before Disney's annual shareholder meeting on April 3."It’s a dark, black box," said one Disney executive who spoke to Reuters last week.
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