According to people familiar with the matter, Walt Disney Company is planning to cut thousands of jobs. The entertainment giant has asked some of its management to aim to reduce annual costs by 20%.
Insiders say that these cost savings may come from job cuts and reductions in various expenses. Due to the confidentiality of the discussions, these individuals have requested to remain anonymous.
Disney's business encompasses theme parks, television networks, and film studios, among others, some of which will be particularly hard hit. Sources familiar with the matter reveal that CEO Josh D'Amaro plans to reinvest a portion of the savings in film and television production, technology, as well as theme park and cruise ship operations.
The company had previously pledged that in the current fiscal year, its adjusted earnings per share would achieve double-digit growth.
A representative from Disney declined to comment on this matter.
