The job cuts will reportedly affect Disney’s media and distribution segment, along with ESPN and its parks and resorts division, according to CNBC.
“This week, we are beginning to notify employees whose positions are impacted by the company’s workforce cuts,” Iger wrote in the memo.
“A second, larger round of notifications will take place in April with several thousand additional staff cuts, and we expect to begin the final round of notifications before the start of the summer to reach our target of 7,000 jobs,” he added.
In February, Iger announced it would lay off 7,000 employees as Disney seeks to save billions of dollars by restructuring the company, cutting content and cutting payroll.
“For our employees who are not impacted, I would like to acknowledge that there will undoubtedly be challenges ahead as we continue to build the structures and functions that will enable us to continue successfully. I ask for your continued understanding and cooperation during this time,” Iger explained in his memo.
Disney expects to realize about $3 billion in savings over the next several years, excluding sports.
Warner Bros. Discovery and other traditional media companies also cut several thousand jobs to cut costs.
“We have made the difficult decision to reduce our total workforce by approximately 7,000 jobs as part of a strategic corporate realignment, including major cost-cutting measures required to create a more effective, coordinated and streamlined approach to our business” , wrote Iger. .
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