In February, Disney CEO Bob Iger told shareholders in an earnings call that the company plans to lay off 7,000 employees as part of a significant restructuring. Today, in an internal memo to employees, which TechCrunch was able to obtain, Iger revealed that there will be three rounds of layoffs, with the first beginning this week.
“This week, we begin notifying employees whose positions are impacted by the company’s workforce reductions,” Iger wrote. “Leaders will be communicating the news directly to the first group of impacted employees over the next four days. A second, larger round of notifications will happen in April with several thousand more staff reductions, and we expect to commence the final round of notifications before the beginning of the summer to reach our 7,000-job target.”
The job cuts will reportedly affect Disney’s media and distribution segment along with ESPN and the parks and resorts division, according to CNBC.
“For our employees who aren’t impacted, I want to acknowledge that there will no doubt be challenges ahead as we continue building the structures and functions that will enable us to be successful moving forward. I ask for your continued understanding and collaboration during this time,” Iger added.