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Disney has reportedly began its third round of lay off which is expected to impact around 2,500 employees on board.
It is expected that this shall the be the last round of cuts, affecting over 2,500 staff losing their jobs, as previously announced by Disney CEO Bob Iger, as per CNN report.
As a part of cost-cutting measure, the entertainment giant began removing dozens of titles from its streaming service.
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The reports have suggested that with the latest job cuts, the number of employees laid off by the company would be around 6,500, which is closer to 7,000 figure previously mentioned by Iger.
The first round of layoffs began in March, when Iger had shared that the company plans to reduce the workforce by 7,000, which shall be done over three rounds of job cuts. Around 4000 jobs were cut in April, during its second layoffs round.
As a result of layoffs and other cost cutting measure, the company aims to save around $5.5 billion, as shared by Disney in February.
Along with its layoff plans, the company also shared its reorganisation that gave the decision-making power to its creative executives. Their goal is to create a more streamlined approach to its business.
Similar layoff rounds are being carried out by other tech giants as their companies are not meeting the required profitability, due to shrinking advertisement revenue.
