The CEO of The Walt Disney Company announced that seven thousand of our employees have been laid off.
The layoffs are taking place in three phases with the aim of reducing the company’s costs by billions of dollars.
Approximately 220,000 people worked for The Walt Disney Company worldwide, and the number of employees laid off represents 3 percent of the company’s workforce.
About 160,000 of The Walt Disney Company’s employees work in the United States.
The first phase of the employee layoffs is set to begin this week and will be completed before fall.
The Walt Disney Company is a media giant that, in addition to owning Walt Disney Studios and its television and animation groups, also owns Pixar, Lucasfilm, Marvel Studios, 20th Century Studios, as well as the ABC and National Geographic television networks.