Walt Disney starts second phase of layoffs

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Walt Disney starts second phase of layoffs

Walt Disney CoDisney Co has started a second phase of layoffs as part of an earlier announced restructuring that is expected to result in 7,000 job losses.

The media giant's traditional TV and film business is declining, as its streaming unit continues to suffer major losses.

This week's cuts are expected to bring the total number of cuts so far to 4,000.

ESPN and film studios were among those affected by the losses, the company said. The company has said frontline workers at the park are not expected to be affected.

Mr Iger, a longtime boss of Disney, has said the firm needed to improve its operations and be more efficient.

The firm is also planning to spend $3 bn less on content, resulting in a drop in revenue.

The 7,000 job losses announced in February amount to about 3% of the 220,000-person workforce the company employed as of October 1st, the company said in a statement.

A first round of notifications to staff at the end of last month brought about the firm's job cuts.

The company, which employs more than 50,000 people outside the US, did not respond to an inquiry about how many of the job cuts would involve international staff.