Walt Disney begins laying off 7,000 jobs

Walt Disney Co (DIS) has begun laying off 7,000 employees in a restructuring move announced earlier this year aimed at controlling costs and creating a more "streamlined" business, according to a report.

A Reuters report citing a company source said that the downsizing will affect some of the company's major divisions including Disney Entertainment, Disney Parks, and the corporate office. 

Although ESPN is not touched by this round of cuts later rounds may impact it.

Widespread layoffs in the media industry began after Netflix, which experienced huge growth during the COVID-19 lockdown, set off a series of staff cuts, following the first loss of subscribers in nearly a decade in early 2022.