Layoffs begin at Disney as CEO Bob Iger moves to pare losses

The pink slips are flying this week at Walt Disney Co. as the entertainment giant seeks to slash billions of dollars in costs.

CEO Bob Iger confirmed in a staff email Monday that a first round of layoffs has begun. Disney plans to slash 7,000 jobs in three waves, with the first coming this week, the next in April and a final round by the beginning of summer, Iger said in the email. The layoffs are part of Disney's"cost-saving measures" that will create a"streamlined approach to our business," he wrote.

"In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world — now, and long into the future," he wrote.

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