Disney fired several thousand workers on Monday, sources told Reuters. The latest layoffs total over 4,000.
The media conglomerate is reportedly cutting 7,000 people to save $5.5 billion.
According to reports, the cuts will effect Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products, but not park and resort hourly frontline staff.
In February, Disney unveiled its layoff plan and a major reorganization that gave creative executives more control. It wants to streamline business.
After losing billions launching Netflix Inc. competitors, the entertainment industry has retreated
In early 2022, Netflix lost subscribers for the first time in a decade, and Wall Street prioritized profitability over subscriber growth. Media firms cut investment.
Disney began notifying affected employees on March 27 and announced a second, larger round of layoffs in April. Expect a third round before summer.