Disney plans thousands of layoffs as managers target 20% savings
What's new: The cuts could hit parks, TV channels and the film studio, with part of the savings set for programming, tech and cruises.
Walt Disney Co is moving toward thousands of layoffs after asking some managers to aim for 20% in annual cost savings, according to people familiar with the discussions. The cuts could come through job eliminations and other expense reductions, and some parts of the company are expected to be hit harder than others, including theme parks, TV channels and the movie studio. Chief executive Josh D’Amaro plans to redirect some of the savings into film and television programming, technology, and the theme parks and cruise businesses. Disney employed 231,000 people worldwide at the end of its last fiscal year and has already cut billions of dollars in costs in recent years.