Walt Disney announces 7,000 staff cut

Walt Disney has announced its layoff of 7,000 staff, which was announced earlier this year.

A letter from Chief Executive Bob Iger sent to employees said the company aims to control costs and create a more streamlined business, with several major divisions affected, such as Disney Entertainment, Disney Parks, Experiences and Products.

The current round of job cuts will not include staff from ESPN, but it is expected to be included in later rounds.

Disney will notify the first group of employees who have been affected by the workforce reductions over the next four days. There will be a second round of job cuts in April, with several thousand more staff reductions. The final round will start before the beginning of the summer, Iger said in his letter.

In February, the Burbank, California-based entertainment conglomerate said it would cut 7,000 jobs to make its money-losing streaming business more profitable and save $5.5 billion in costs.

The details of the firings are closely guarded by the company, but they are expected to happen before Disney's annual shareholder meeting on April 3rd.