Walt Disney Co begins 7,000 layoffs

Walt Disney Co on Monday began 7,000 layoffs announced earlier this year, as it seeks to control costs and create a more “streamlined” business, according to a letter Chief Executive Bob Iger sent to employees and seen by Reuters.

Several major divisions of the company – Disney Entertainment, Disney Parks, Experiences and Products, and corporate – will be impacted, according to a person familiar with the matter. ESPN is not touched by this week’s round of cuts, but is anticipated to be included in later rounds.

The entertainment industry has undergone a retrenchment since its early euphoric embrace of video streaming, when established media companies lost billions as they launched competitors to Netflix Inc.