The Walt Disney Co.

BURBANK, CALIF. - The Walt Disney Co.
said last week it plans to lay off 4,000 employees from all divisions, ranging from theme parks to broadcast and cable networks. That translates to a staff reduction of about 3 percent. The parent company of ABC and ESPN expects the cuts will save it $350 million to $400 million per year. Management will offer severance packages to non-union employees if they volunteer to leave by June 1. The layoffs follow major cuts at the company's Walt Disney Internet Group division, where 535 employees were trimmed in January and February.