The Walt Disney Company is no stranger to layoffs, and the latest round of cuts is expected to impact each facet of the company. The entertainment conglomerate is expected to have cut about 4,000 jobs by the end of the week, with a third round of cuts expected before summer.

The cuts come as Disney CEO Bob Iger, who's been back in the top post at Disney for nearly five months, aims to save $5.5 billion with a restructuring plan.

In February, Iger announced the company's plan to eliminate a total of 7,000 positions, and the latest round of layoffs is part of the company's broader efforts to cut costs and reorganize its operations.

The recently returning CEO told Time that the $5.5 billion figure was what Disney "came up with that we thought was not only achievable, but that was necessary to the bottom line success of the company."