Walt Disney Co has begun a second round of layoffs as part of an earlier announced restructuring expected to result in 7,000 job losses. The media giant has been under pressure as its traditional television and film business shrinks, while its streaming unit continues to post big losses. Chief executive Bob Iger announced the $5.5bn cost-cutting drive in February. This week's cuts are expected to bringing the total number of reductions so far to 4,000. The losses will fall across the company, including at sports channel ESPN and film studios. The firm has said frontline workers at the park are not expected to be affected. "The difficult reality of many colleagues and friends leaving Disney is not something we take lightly," Disney officials said. The redundancies are indicative of a larger retrenching across the entertainment industry, as executives refocus on profits, after years in which many traditional media firms spent heavily to launch streaming platforms and win subscribers.
