Disney heads toward thousands of job cuts, asks managers to aim for 20% savings

Disney is moving toward thousands of job cuts, according to reports by Business Today and The Hindu BusinessLine. Some managers have been asked to aim for 20% annual cost savings. The reports are based on Bloomberg reporting.

The savings could come from job eliminations and expense reductions, according to people who asked not to be identified. This was first reported by The Hindu BusinessLine. Theme parks, TV channels and movie studio operations will be hit harder than other areas, Mint and The Hindu BusinessLine reported.

Josh D'Amaro, Disney's Chief Executive Officer, wants to put part of the savings back into film and TV programming, technology, theme parks and cruise ships. At the close of its last fiscal year, Disney's workforce numbered 231,000 worldwide, as first reported by The Hindu BusinessLine. A Disney representative declined to comment.

Disney President Dana Walden, quoted by The Hindu BusinessLine, said: "there is a need to constantly evaluate how you’re structured and how big is the organization. Technology set their sights on our business and we must survive and thrive and grow, and that’s what we’re going to do." The company has also promised double-digit growth in adjusted EPS.