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Disney Is Planning Thousands of Layoffs in Search of 20% Cost Savings

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Disney Is Planning Thousands of Layoffs in Search of 20% Cost Savings

CEO Josh D’Amaro wants to find 20% savings and reinvest that money in parks, cruises and programming. What does that mean for jobs?

Walt Disney Co. is preparing to swing the axe again. The entertainment giant plans to cut thousands of jobs and has asked some managers to find 20% in annual cost savings, Bloomberg reports.

Not all of it will come from pink slips. Some savings could come from trimming other expenses, and certain divisions will get hit harder than others. The plan is to take part of that money and put it right back into the business. CEO Josh D’Amaro wants to spend it on film and TV programming, technology, theme parks and cruises. Disney declined to comment.

If this sounds familiar, that’s because Disney layoffs have become a regular thing. The company has already cut billions in costs and thousands of jobs in recent years, reaching everything from ABC and ESPN to Pixar and the parks. It had 231,000 employees worldwide at the end of its last fiscal year.

Disney President Dana Walden summed up the mood at a Bloomberg conference last month: “We must survive and thrive and grow.”

Walt Disney Co. is preparing to swing the axe again. The entertainment giant plans to cut thousands of jobs and has asked some managers to find 20% in annual cost savings, Bloomberg reports.

Not all of it will come from pink slips. Some savings could come from trimming other expenses, and certain divisions will get hit harder than others.


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