Disney is preparing for thousands of job cuts as it seeks major savings across the company. Some managers have reportedly been asked to find ways to reduce annual costs by 20%, through both staffing reductions and other spending cuts. The impact is expected to vary across its businesses, including theme parks, television, film, and cruises. CEO Josh D’Amaro plans to put some of the savings back into film and television programming, technology, parks, and cruise operations. Disney is also pursuing a goal of double-digit growth in adjusted earnings per share this fiscal year. The company declined to comment on the plans.
The cuts would extend a multiyear effort in which Disney has already removed thousands of jobs and billions of dollars in costs across divisions such as ABC, Pixar, ESPN, its studio, and its experiences business. It employed 231,000 people worldwide at the end of the previous fiscal year. The reported plans come amid broader upheaval in entertainment: traditional television revenue is declining, streaming growth has slowed, and audiences are shifting toward social media and digital video platforms backed by technology companies. Netflix, Sony Pictures, Paramount, and Warner Bros. have also made job cuts. Disney leadership has framed organizational reviews as necessary to compete, grow, and adapt to technology companies’ expanding presence in entertainment.
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