Walt Disney is reportedly preparing to cut thousands of jobs as part of a broader effort to reduce costs. Bloomberg, citing people familiar with the matter, says the company has asked some executives to lower spending by 20%. The target could be met through layoffs as well as cuts to other expenses.
Parts of the business likely to face significant reductions include the parks, television and film divisions. CEO Josh D’Amaro plans to reinvest some of the savings in film and television production, technology, the parks and the cruise business, according to the report.
Disney has forecast double-digit growth in adjusted earnings per share for the current financial year. A company spokesperson declined to comment, Bloomberg reported.
The company has already cut billions of dollars in costs and eliminated thousands of jobs in recent years, affecting divisions including ABC, Pixar, ESPN, the film studio and its experiences business. Disney employed 231,000 people worldwide at the end of its last financial year.
The Wall Street Journal reported on October 1 that Disney planned to restructure its television division and cut roles in its legal and global affairs departments.
Sources: Handelsblatt.