Disney plans thousands of layoffs, targeting 20% cost savings

Disney is planning to lay off thousands of employees as part of a cost-cutting strategy, with the aim of achieving 20% in annual savings, according to people familiar with the matter. The company has already reduced expenses and eliminated thousands of jobs across all divisions in recent years. CEO Josh D'Amaro intends to reinvest some of the savings into film and TV programming, technology, theme parks, and cruise ships.

The restructuring plans also include potential job eliminations. Disney had 231,000 employees worldwide at the end of the last fiscal year. The company is facing challenges due to declining revenue from traditional television and increased competition from streaming services and tech giants like Amazon and Apple. Disney president Dana Walden emphasized the need to continually evaluate the organization's structure and size.