New Round of Bad News at Disney

Workers under the Walt Disney umbrella have been bracing for what they have referred to as the "big one" for weeks now, reports Deadline. On Monday, it arrived—a new round of layoffs and the biggest in a series of them that will see the company cut 7,000 jobs by summer. This week, thousands of employees in the company's various divisions, including ESPN, will be laid off. Few details were available, though no layoffs were expected among "hourly front-line employees from its theme parks and resorts," per the Wall Street Journal.

“The difficult reality of many colleagues and friends leaving Disney is not something we take lightly,” the company said in a statement on Monday. Disney chief executive Robert Iger announced the layoff plan earlier this year, part of a strategy to cut $5.5 billion in costs. It's part of a restructuring being orchestrated by Iger, whose predecessor, Bob Chapek, was ousted last year. The cutbacks will affect workers at ESPN, Disney’s entertainment division, Disney Parks, and the company's Experiences and Product division, according to CNN. (More Disney stories.)