Walt Disney Co. will reportedly begin laying off employees this week in the first of three rounds of job cuts that were announced earlier this year.
Disney CEO Bob Iger informed employees in a company-wide memo that the layoffs started, Reuters reported. The layoffs will trim Disney's headcount by about 7,000 workers in total, according to Reuters.
The move comes over a month after the company revealed during its first-quarter earnings call its plans to do the job cuts.
The Walt Disney Co. logo appears on a screen above the floor of the New York Stock Exchange. Disney is working on sequels for its "Toy Story," "Frozen" and "Zootopia" franchises as the company concentrates more on brands that have continued to perfor (AP Photo/Richard Drew, File / AP Images)
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