Disney layoffs: Thousands of job cuts expected as company targets 20% cost savings; these operations to be hit hardest
Walt Disney Co. is gearing up for another significant wave of layoffs, with the entertainment giant asking some managers to identify 20% in annual cost savings, according to a Bloomberg report citing people familiar with the matter.
The targeted savings are expected to be driven by a combination of job cuts and broader expense reductions, they said.
The cuts will disproportionately impact specific operations across Disney's sprawling empire, which includes its theme parks, television networks, and movie studios, Bloomberg said.
However, the publication noted that executive Josh D’Amaro plans to reinvest a portion of these savings into film and television programming, technology, and the company's theme park and cruise ship divisions.
The mandate aligns with Disney’s commitment to deliver double-digit growth in adjusted earnings per share for the current fiscal year.
A company representative declined to comment on the Bloomberg report.
This latest push follows a period of aggressive restructuring for Disney.
In recent years, the company has slashed billions of dollars in costs and eliminated thousands of roles across major divisions, including ABC, Pixar, ESPN, its film studio, and the experiences unit.
As of the end of the last fiscal year, Disney’s global workforce stood at roughly 2,31,000 employees.
Recently, The Wall Street Journal also reported on planned restructuring within Disney's TV, legal, and global affairs units.
Disney's cost-cutting measures reflect broader headwinds across the global media sector. Rival entertainment giants—including Netflix Inc., Sony Pictures Entertainment, and the Paramount and Warner Bros. divisions—have also resorted to workforce reductions.
The industry is currently grappling with the structural decline of traditional television and the deceleration of streaming subscriber growth, while competing for viewership against social media platforms and tech titans like Apple Inc. and Amazon.com Inc.
Also Read | Netflix needs you to watch, not just pay
Speaking at the Bloomberg Screen Time conference in Los Angeles last month, Disney President Dana Walden hinted at ongoing organisational shifts. “There is a need to constantly evaluate how you’re structured and how big the organisation is,” Walden said. “Technology has set its sights on our business, and we must survive and thrive and grow, and that’s what we’re going to do.”
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