Disney (DIS) is about to go through some big changes, executing on a plan it announced in February to save the company $5.5 billion in annual costs.
The company is going to to begin layoffs next week as part of a plan to cut about 7,000 positions. The Mouse House is looking to cut non-content costs by about $2.5 billion, CEO Bob Iger said during the company's second-quarter earnings call.
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And while the company said that $1 billion in cost savings were already underway two months ago, 7,000 jobs is still 7,000 jobs.
The layoffs are expected to affect Disney's TV, film, corporate teams and parks and resorts divisions.
Disney Entertainment -- the recently-created unit that houses the company's movie and TV production and distribution businesses -- is also expected to see layoffs.
Employees will begin being notified of the job cuts on April 24, according to Bloomberg, with the cuts expected to affect about 15% of Disney's entertainment division.
Disney has a global headcount of more than 220,000.
The company also plans to make another $3 billion in savings through cuts to the content side of the business "over the next few years."
Disney was supposed to begin layoffs in late March, according to an email that was leaked.
