Disney weighs thousands of job cuts, asks managers to target 20% cost savings

Walt Disney is considering cutting thousands of jobs and has asked some managers to target 20 percent in annual cost savings, Bloomberg News reported, citing people familiar with the matter. The savings could come from job eliminations as well as from reductions in other expenses, according to Bloomberg’s sources, who asked not to be identified because the discussions are private. The reported restructuring effort comes as Disney navigates multiple challenges, including the growing use of artificial intelligence, weaker box-office performance, intensifying competition from streaming rivals and a slowdown in international attendance at the company's theme parks.Disney layoffs: Managers asked to find 20% savingsAccording to the report, Disney has directed some managers to target annual cost reductions of 20%. The savings could come from a combination of job cuts and other expense reductions across the business. The report added that not all parts of the company will be affected equally.