Disney is planning thousands of job cuts and has asked some managers to target cost savings of 20%. Thomas Buckley first reported the plan for Bloomberg, citing people familiar with the matter. The savings could come from job cuts as well as other expenses.

CNBC later reported the same plan from its own sources. It said Disney expects to cut several thousand jobs and some managers must reduce costs by up to 20%. TNW has not independently verified the reports.

Disney spans theme parks, TV channels and a film studio. Some of those units will be hit harder than others, Bloomberg's sources said. Chief executive Josh D'Amaro aims to reinvest part of the savings in film and TV, technology, parks and cruises.

Disney layoffs under D'Amaro

It is the latest round of cuts since D'Amaro became chief executive earlier this year. In April, Disney planned to cut up to 1,000 jobs, mostly in marketing. In September, it planned to cut about 300, many in human resources and technology, according to CNBC.

Disney flagged more cuts in its 5 August letter to shareholders.

“We remain highly focused on reducing costs across the enterprise to create incremental capacity to invest for growth. […] We are mid-stream in this work,” D'Amaro and finance chief Hugh Johnston wrote in the letter.

They named cuts to labour and overheads among the options.

Disney also introduced plans for an early retirement programme in August. Chief people officer Sonia Coleman wrote to employees that month, CNBC reported. She said “involuntary staff reductions” had begun in some areas and would continue into next year.

Disney had about 231,000 employees at the end of its 2025 fiscal year. The August letter kept its forecast for adjusted earnings per share. It expects growth of about 12% this fiscal year, excluding an extra week. It reports fourth-quarter results on 17 November.

Cuts across Hollywood

Other entertainment companies are also shrinking. Netflix is laying off staff. Skydance has offered staff buyouts after merging with Warner Bros Discovery.

Revenue from traditional television is falling and streaming subscriber growth is slowing, according to Bloomberg. Disney president Dana Walden spoke about it at Bloomberg's Screentime conference in October.

“There is a need to constantly evaluate how you're structured and how big is the organization,” Walden said.