Investing.com -- Walt Disney Company (NYSE:DIS) will begin a second wave of job cuts on Monday as part of a drive by the media giant to save $5.5 billion in costs, according to multiple media reports.
"Several thousand" positions are expected to be culled in a round of layoffs starting today and lasting until Thursday, Reuters reported citing sources familiar with the matter. The reductions will impact areas across the business, including its ESPN television network as well as its parks, experiences and product arm.
Disney initially said it began a first round of cuts in March. Along with this latest wave, Disney officials will have slashed a total of 4,000 positions, the media reports said.
The company is reportedly planning to bring the layoffs up to 7,000 after a third round of cuts by the end of the summer, according to the Wall Street Journal.
Shares in Disney were in the green in early U.S. trading on Monday, although they have fallen by more than 15% in the past one-year period.