Walt Disney Co. this week begins its plan to cut 7,000 jobs as part of a wider effort to rejuvenate the Burbank entertainment giant's finances and reach profitability at its streaming business. The first wave of employees facing layoffs

Several thousand” more staff members will be reduced from the company next month, in April, and a final round of layoffs will occur “before the beginning of the summer.” “The difficult reality of many colleagues and friends leaving Disney is not something we take lightly.

Disney will start laying off workers this week in what is the first of three rounds to eliminate 7,000 jobs by the summer, according to a memo sent to staff Monday by chief executive officer Bob Iger.

Disney CEO Bob Iger on Monday said his company will begin laying off staff starting this week, the first of three rounds of expected cuts following his announcement in February that the company would axe 7,

Reductions signal less need for office space for the foreseeable future from the entertainment business that drives Southern California.

The job cuts will reportedly affect Disney`s media and distribution segment along with ESPN and the parks and resorts division.