Disney moves toward thousands of job cuts, Bloomberg reports

Walt Disney Company is reportedly planning to reduce its workforce by thousands of positions, according to Bloomberg. This cost-cutting initiative is driven by a desire to enhance profitability and slash expenses, the news outlet claims, drawing on knowledgeable sources. Disney has instructed certain managers to achieve annual savings of 20%, which could stem from workforce reductions and other expenditure cuts, the report indicates.

CEO Josh D'Amaro intends to allocate a portion of the savings towards bolstering Disney's film, television, theme park, and cruise offerings, per Bloomberg's account. Certain departments, such as theme parks, television channels, and the movie studio, are anticipated to bear the brunt of these job reductions, according to Bloomberg's information.

Disney has previously downsized its workforce and slashed billions in costs over the past few years as traditional TV revenue dwindles and streaming growth decelerates.