The Walt Disney Company will reportedly eliminate thousands of jobs next week, including approximately 15% of the entertainment division’s personnel.
People employed in Disney’s TV and film divisions, as well as those in theme parks and corporate positions, would be affected, Bloomberg reported, citing people familiar with the matter.
Disney’s latest layoffs will effect all regions. Some affected personnel will be notified by April 24.
As part of its cost-cutting measures to reduce annual expenses by $5.5 billion, Disney announced 7,000 layoffs in early February.
The layoffs would drastically reduce the number of employees at Disney Entertainment, which comprises the company’s film and television production, streaming, and distribution businesses. Disney Entertainment was established this year as part of Walt Disney’s restructuring efforts.
As the focus of the streaming industry shifts to administering online video platforms, major players including NBC Universal, Warner Bros, and Paramount Global have also reduced their headcounts.
After a quarterly loss of $1.47 billion in the company’s streaming division led to the dismissal of another Bob of Disney, Bob Chapek, the current Disney CEO Bob Iger returned to lead the company in November.