Disney initiates second round of massive layoffs, affecting thousands.

Walt Disney Co will begin a second wave of layoffs on Monday, cutting "several thousand" jobs across its business segments, including Disney Entertainment, ESPN, and Disney Parks, Experiences and Products, as part of efforts to eliminate 7,000 positions and save $5.5 billion in costs. The latest round of reductions will bring the total number of jobs culled to 4,000. The cuts are not expected to affect hourly frontline workers employed at the parks and resorts. The entertainment industry has retrenched since its early embrace of video streaming, and media companies started to rein in spending when Netflix posted its first loss of subscribers in a decade in early 2022.