Disney begins third round of expected layoffs

Disney begins third round of expected layoffs

(CNN) A third wave of expected layoffs is underway at Disney, and employees impacted by the cuts are being notified this week, a source familiar with the situation told CNN.

More than 2,500 staff are expected to lose their jobs across the latest wave of layoffs, the source said, in what is anticipated to be the last significant round of cuts that were previously announced by Disney CEO Bob Iger. It was not immediately known which divisions would be impacted by the latest round of cuts.

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A Disney (DIS) spokesperson declined to comment.

In February, Iger announced the media giant would axe roughly 7,000 employees from its global workforce in three waves before the start of summer, an undertaking aimed at saving $5.5 billion in costs. The labor cuts make up 30% of this figure, with another 50% coming from marketing operations and 20% from decreased spending on technology, procurement, and other expenses, the company said.

The latest wave of layoffs taking place this week is expected to bring the total number of job cuts to more than 6,500, approaching the 7,000 figure previously announced by Iger. As of October 1, Disney had 220,000 employees — making the 7,000-person reduction about 3% of its global workforce.

Source: CNN

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