Disney ($DIS@US) has begun a second round of layoffs, affecting various divisions across the company, including Disney Entertainment and ESPN, as well as Disney Parks, Experiences, and Products. Earlier this year, the company said it would slash 7,000 jobs from its workforce as part of a larger reorganization to cut costs by $5.5 billion. The cost-cutting measures come as media companies have been pulling back on content spending to make their streaming businesses profitable. The layoffs will not affect Disney's hourly workers at its parks and resorts. The company expects to start a third wave of layoffs before the beginning of the summer to reach its target of 7,000 job cuts. The cost-cutting measures are part of Disney's efforts to make its streaming businesses profitable amid a general pullback on content spending by media companies.