Disney CEO Bob Iger has announced the company will begin laying off staff starting this week, with the first of three rounds of expected cuts following his announcement in February that the company would slash 7,000 jobs. The cuts to Disney’s global workforce are part of a multibillion-dollar cost-cutting initiative aimed at streamlining the company’s operations in a period of media industry turmoil, Deadline confirms.

“The difficult reality of many colleagues and friends leaving Disney is not something we take lightly,” Iger said in a memo. “In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world – now, and long into the future.”

About 50 workers were part of the group dedicated to “next-generation storytelling and consumer experiences” and have now been laid off. Disney has also eliminated a small business unit focused on exploring the metaverse, as part of its initial efforts to reduce its workforce. Disney (DIS) had about 220,000 workers as of October 1, of which approximately 166,000 were employed in the United States. A cut of 7,000 jobs represents about 3% of its global workforce.

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Layoffs in three waves

In the memo to staff, Iger said the layoffs would come in three waves. The first round will begin this week, and managers will soon start to notify affected employees. A second, larger round of layoffs will take place in April, with several thousand staffers let go. A third round of layoffs will then occur “before the beginning of the summer” to reach the company’s planned goal of eliminating 7,000 jobs.

Jeffrey R. Epstein, a vice president of corporate communications for Disney and the man who spearheaded the official Disney fan club D23, was among those laid off this week. Previously working under Zenia Mucha, the feared and respected former senior executive vice president and CCO, Epstein is perhaps best known as the spokesperson for D23 – an official Disney fan club that included a quarterly published glossy magazine and an official fan convention known as D23 Expo, held every other year in Anaheim, California.