Disney preparing thousands of job cuts to trim annual costs

Entertainment giant targets 20% in annual cost savings through position eliminations and expense reductions across operations

Walt Disney is preparing to eliminate thousands of positions as the entertainment giant asks certain managers to target 20% in annual cost savings, Bloomberg reported Tuesday. The cost reductions could stem from staff eliminations as well as operational expense trims, Bloomberg said, citing sources familiar with the discussions. Disproportionate impacts are projected across specific business lines within Disney, which encompasses theme parks, television channels, and film production studios, the report said. Chief Executive Officer Josh D'Amaro intends to allocate a portion of the realized savings into movie and television production, technology, theme parks, and cruise line operations, it added. The media conglomerate pledged double-digit expansion in adjusted earnings per share for the current fiscal year. A Disney spokesperson declined to provide a statement on the plan, according to the news outlet. The company previously slashed billions of dollars in expenses and erased thousands of jobs in recent years, affecting units including ABC, Pixar, ESPN, its film studio and experiences division, Bloomberg noted. Disney maintained a total global workforce of 231,000 employees at the close of its previous fiscal year.