The "Magic Kingdom" is facing a dose of reality with the announcement by Disney CEO Bob Iger on Monday the company will start laying off staff this week..It is expected 7,000 jobs will be lost, part of a multi billion-dollar cost-cutting initiative aimed at streamlining the company’s operations in a period of media industry turmoil, according to CNN..Iger sent a memo to staff, obtained by CNN, in which he said the layoffs would come in three waves, the first coming this week with managers set to start notifying employees who would be let go. .“A second, larger round of layoffs will take place in April, Iger said, with several thousand staffers let go. A third round of layoffs will then occur “before the beginning of the summer” to reach the company’s planned goal of eliminating the 7,000 jobs,” reports CNN..In the memo, Iger said, “The difficult reality of many colleagues and friends leaving Disney is not something we take lightly. 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.”.CNN reports there were 220,000 employees at Disney as of October 1, the majority of which, about of 166,000, were employed in the United States. .In November, the Disney board fired Bob Chapek, bringing back Iger for a second stint as CEO.
