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\nWalt\u00a0Disney\u00a0Co\u00a0will\u00a0begin\u00a0a second\u00a0wave\u00a0of\u00a0layoffs\u00a0on Monday involving\u00a0thousands of\u00a0jobs, as part of efforts to eliminate 7,000 positions and save $5.5 billion in\u00a0costs, according to\u00a0sources\u00a0familiar with the matter.
The\u00a0company will cut \u201cseveral\u00a0thousand\u201c\u00a0jobs\u00a0through Thursday, with the latest round of reductions bringing the total number of\u00a0jobs\u00a0culled to 4,000,\u00a0Disney\u00a0officials say.
The cuts will occur across the\u00a0company\u2019s business segments, including\u00a0Disney\u00a0Entertainment, ESPN and\u00a0Disney\u00a0Parks, Experiences and Products, according to the\u00a0sources, but are not expected to affect hourly frontline workers employed at the parks and resorts.
An internal memo seen by Reuters said the layoff notices would\u00a0continue over the next\u00a0several\u00a0days.
\u201cThe senior leadership teams have been working diligently to define our future organization, and our biggest priority has been getting this right, rather than getting it done fast,\u201d\u00a0Disney\u00a0Entertainment\u00a0co-chairmen Alan Bergman and Dana Walden wrote in the memo to staff.
\u201cWe recognize that it has been a period of uncertainty and thank you all for your understanding and patience,\u201d they said.
Disney\u00a0announced its layoff plan in February, together with a reorganization that returned decision-making to its creative executives. Its goal is to create a more streamlined approach to its business.
The entertainment industry has retrenched since its early embrace of video streaming, when established media\u00a0companies lost billions as they launched\u00a0competitors to Netflix Inc.
Media\u00a0companies started to rein in spending when Netflix posted its first loss of subscribers in a decade in early 2022, and Wall Street began prioritizing profitability over subscriber growth.
On March 27,\u00a0Disney\u00a0began notifying employees affected by the workforce reductions, and said a second, larger round would follow in April. A third round is anticipated before the start of summer.<\/p>\n