Walt Disney Co is to begin a second wave of layoffs which is expected to result in 7,000 job losses.
These cuts will represent an estimated 3.6 percent of Disney’s global workforce, according to Reuters.
This move is part of the company’s restructuring efforts as the streaming service continues to endure large losses.
Bog Iger, chief executive, outlined the $5.5bn cost-cutting moves in February.
Disney officials state that “several thousand” jobs will be cut through Thursday, with the latest round of firings bringing the total number of jobs cut to 4,000.
The cuts are not expected to impact frontline workers at the parks and resorts. Rather, the eliminations will be focused on the business sectors, including Disney Entertainment, Experiences and Products, ESPN and Disney Parks.
“We recognize that it has been a period of uncertainty and thank you all for your understanding and patience,” stated an internal memo to staff seen by Reuters.
