Disney CEO Bob Iger says in a memo that layoffs will begin this week.


will start laying off employees this week, the first of three waves that will total nearly 7,000 by the start of summer, according to a message written by CEO Bob Iger.

These reductions are a part of a larger initiative to increase free cash flow and decrease corporate spending. Disney announced last month that it will reduce spending by $5.5 billion.

Employees "whose employment are impacted by the company's workforce cutbacks" would be notified "this week," Iger stated in a memo seen by CNBC. During the course of the next four days

The layoffs were first reported in the February newsletter. Disney's parks and resorts, ESPN, and the company's media and distribution division will all be affected by the layoffs.

In this regard, Disney has followed Warner Bros. Discovery, along with other traditional media outlets, are reducing staff and slashing budgets. Disney has stated that by the year 2024, 

 its streaming business (which includes Disney+, Hulu, and ESPN+) will be profitable. Disney stock, which dropped by 44% in 2018, is up roughly 8% so far in 2019.

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As part of a strategic realignment of the company, including critical cost-saving measures necessary to create a more effective, integrated, and simplified approach to business, Iger said,

we have made the difficult choice to decrease our entire staff by about 7,000 positions." "I want to recognise that there will no doubt be challenges ahead as we continue constructing the structures 

functions that will enable us to be successful moving forward," he said to the staff members who wouldn't be affected.

Since taking over as CEO again, Iger has restructured the company and stated that he is open to the possibility of selling Hulu. The annual Disney shareholder meeting will be held on April 3.

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As I told you in February, as part of a strategic realignment of the company, including important cost-saving measures necessary to create a more effective, coordinated, and streamlined approach to our business, 

we have made the difficult decision to reduce our overall workforce by approximately 7,000 jobs. I'd want to give you an update on the work that senior management a

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