The layoffs of 300 employees began on Tuesday and will continue until the end of the week. They are all US-based employees who work across the company's corporate operations, including legal, HR, finance, and communications. 

"We continually evaluate ways to invest in our businesses and more effectively manage our resources and costs to fuel the state-of-the-art creativity and innovation that consumers value and expect from Disney," a Disney spokesperson wrote in a statement to Deadline.

The spokesperson noted, "As part of this ongoing optimization work, we have been reviewing the cost structure for our corporate-level functions and have determined there are ways for them to operate more efficiently."