Walt Disney Co., which completed its $71 billion acquisition of 21st Century Fox’s entertainment assets on Wednesday, is expected to lay off thousands of employees to achieve a cost-cutting goal of some $2 billion, according to a published report.

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As part of the acquisition of Fox assets, Burbank, California-based Disney is taking on about 15,400 Fox employees, while Fox Corporation will keep about 7,000. To reach Disney’s promised target of $2 billion in cost savings by 2021 about 3,000 employees are expected to be laid off, the Los Angeles Times reported.

Some of those cuts are expected to take place in overlapping divisions like marketing, distribution and home entertainment. Although a small number of layoffs could start as soon as this week, the Times reported, citing anonymous sources, the bulk of the cuts will likely not occur for weeks, or even months.

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