Disney (NYSE:DIS) shares rose around 2% on Monday following reports that the company has initiated the first phase of its previously announced plan to cut 7,000 jobs in an effort to streamline its operations and reduce costs.

While ESPN is reportedly unaffected by the initial round of layoffs, several major divisions, including Disney Parks, Disney Entertainment, Experiences and Products, and corporate, will be impacted. According to a letter from Disney Chief Executive Bob Iger, the affected employees will be notified in the next four days, with a larger round of cuts scheduled for April and the final phase beginning before summer. The company aims to save $5.5 billion in costs and turn its loss-making streaming business profitable through these measures.