Walt Disney Co. is preparing to eliminate thousands of jobs next week spanning TV, film, theme parks and corporate offices, Bloomberg reports, citing people familiar with the plans.

The cuts will be in every region where Disney operates, the people said on condition of anonymity.

Some of those affected will be notified of the layoffs as early as Monday.

The layoffs are in line with Disney’s announcement in February that it planned to eliminate 7,000 jobs from its workforce of 220,000 to cut $5.5 billion in annual costs.

Disney Entertainment, created earlier this year in a restructuring, will be included in the dismissals.

Every major media company has been trimming its staff this year as Wall Street focuses on how they are transforming their businesses from subscriber growth in streaming to how they run their online video platforms, which carry high production overhead costs.

CEO Bob Iger returned to Disney in November following a $1.47 billion quarterly loss in the entertainment giant's streaming division under the leadership of former CEO Bob Chapek.

NBCUniversal, Warner Bros. Discovery Inc. and Paramount Global have also recently reduced their staff.