Disney eyes thousands of layoffs, managers asked to cut 20% in costs, Bloomberg News reports

Walt Disney is planning to reduce its workforce by thousands of jobs, with some divisions being hit particularly hard. According to sources familiar with the situation, certain managers are being tasked with cutting 20% of annual costs. These savings could be achieved through layoffs or expense reductions. The entertainment giant's operations, spanning theme parks, television, and film production, will all be affected.

Disney CEO Josh D'Amaro wants to use a portion of the savings to boost film, TV programming, technology, and the park and cruise ship businesses. While Disney has pledged double-digit growth in adjusted earnings per share for the current fiscal year, a company spokesperson has not yet commented on the matter.