Disney to lay off thousands this week in largest round of job cuts: reports

Disney is reportedly expected to lay off thousands of people this week in its largest round of planned layoffs yet as the company looks to cut corporate costs.

The company will cut 4,000 jobs through Thursday, as it looks to lay off 7,000 workers overall, according to multiple media reports.

Employees will be let go from the company's business areas, including Disney Entertainment, ESPN and Disney Parks, Experiences and Products.

The layoffs are expected to save Disney $5.5 billion.

"The senior leadership teams have been working diligently to define our future organization, and our biggest priority has been getting this right, rather than getting it done fast," Disney Entertainment cochairmen Alan Bergman and Dana Walden wrote in a memo to staff.

Disney first said in February it would lay off 7,000 workers, or about 3% of its worldwide workforce.

Madeleine Hubbard is an international correspondent for Just the News. Follow her on Twitter or Instagram.