On Monday, the entertainment conglomerate Disney began its second round of layoffs, which will affect 4,000 employees.

According to IANS, a third round is expected to begin before the end of the summer.

Disney intends to cut 7,000 jobs as part of a larger reorganization that will save the company $5.5 billion in costs.

“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 quickly,” the company said in an employee note.

Disney Entertainment and ESPN, as well as Disney Parks, Experiences, and Products, will be affected by the second round of layoffs.

The affected jobs will be spread across the country, from Burbank, California, to New York and Connecticut.

“As we advance as a core segment of Disney, with operational control and financial responsibility, we must further identify ways to be efficient and nimble,” ESPN CEO Jimmy Pitaro wrote in an internal memo.

“Disney is in a period of transition, and these changes affect everyone, regardless of whether your role is affected.” “We are committed to assisting you during this time and encourage you to contact your leader or HR partner with any questions or for guidance as needed,” the company stated.

To cut costs, the entertainment conglomerate announced the layoff of 7,000 employees in February.

“This is not a decision I take lightly.” “I have enormous respect and appreciation for the talent and dedication of our employees around the world, and I am conscious of the personal impact of these changes,” said the company’s CEO, Bob Iger.