Disney to layoff 4,000 employees in April

Entertainment giant Disney is set to sack at least 4,000 current employees in April as it directs managers to submit a list of employees who will be laid off over the next few weeks in a bid to cut costs, per a Business Insider report.

According to the report, the layoffs will impact at least 4,000 employees, with the rest of the cuts coming from open roles, the latest in the company's cost-cutting measures.

The job cuts come at a time when its streaming service Disney+ recorded its first-ever fall in subscribers by 1% to 161.8 million customers in the quarter. As per the report, Disney also announced a reduction in general entertainment aimed at adults.

The development comes after CEO Bob Iger announced Disney's targeted cost savings efforts of $5.5 billion across the company and plans to lay off 7,000 employees in February as part of a wider restructuring of the company, which includes cutting content and trimming payroll.

Under the new strategic reorganization, there will be three core business segments: Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products.

It is however not yet known which departments or roles will be most affected by the layoffs, or if it will occur in batches or a single large-scale event.