(CNBC) Disney will begin layoffs this week, the first of three rounds before the beginning of the summer that result in about 7,000 job cuts, according to a memo sent by Chief Executive Bob Iger. The cuts are part of a broader effort to reduce corporate spending and boost free cash flow. Disney said last month it plans to cut $5.5 billion in costs, including $3 billion in content spend.
Disney layoffs will begin this week, CEO Bob Iger says in memo
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