Disney has eliminated a small business unit focused on exploring the metaverse, part of its initial efforts to reduce its workforce by about 7,000 employees. Deadline reports: About 50 workers were part of the group dedicated to “next-generation storytelling and consumer experiences.” Mike White, a former consumer products exec who had been leading the unit, will remain at the company in a yet-to-be-determined role, the source said. On Monday, Disney CEO Bob Iger confirmed in a staff memo that the first of three rounds of layoffs is starting this week as the company pushes toward a stated goal of $5.5 billion in cost savings. Word emerged Monday evening of a number of exec departures across the company’s general entertainment operations.

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