Disney job cuts begin this week, read CEO Bob Iger's memo to employees

Disney CEO Bob Iger announced earlier this year that the company would be cutting 7,000 jobs as part of a significant restructuring move. Today, in an internal memo to employees, Iger revealed that there will be three rounds of layoffs, with the first beginning this week. In addition to the job cuts, Disney also plans to cut down on spending by $5.5 billion, including $3 billion in content spend. The job cuts will reportedly affect Disney’s media and distribution segment along with ESPN and the parks and resorts division.

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