Disney Plans Thousands of Job Cuts Under Cost Reduction Drive
(MENAFN) Walt Disney is preparing to eliminate thousands of jobs as part of a broader effort to reduce expenses, with some managers reportedly instructed to identify annual savings of 20%.
The planned reductions could involve workforce cuts as well as lower operating expenses, according to reports citing people familiar with the internal discussions.
The impact is expected to vary across Disney's business divisions, which include theme parks, television networks and film production studios.
Chief Executive Officer Josh D'Amaro plans to direct part of the savings toward investments in film and television production, technology, theme parks and cruise operations, according to the reports.
The company has pledged to achieve double-digit growth in adjusted earnings per share during the current fiscal year.
Disney declined to comment on the reported cost-cutting plans.
The entertainment company has undertaken several major restructuring efforts in recent years, cutting billions of dollars in expenses and eliminating thousands of positions across divisions including ABC, Pixar, ESPN, its film studio and its experiences business.
Despite those reductions, Disney reported a global workforce of 231,000 employees at the end of its previous fiscal year.
The planned reductions could involve workforce cuts as well as lower operating expenses, according to reports citing people familiar with the internal discussions.
The impact is expected to vary across Disney's business divisions, which include theme parks, television networks and film production studios.
Chief Executive Officer Josh D'Amaro plans to direct part of the savings toward investments in film and television production, technology, theme parks and cruise operations, according to the reports.
The company has pledged to achieve double-digit growth in adjusted earnings per share during the current fiscal year.
Disney declined to comment on the reported cost-cutting plans.
The entertainment company has undertaken several major restructuring efforts in recent years, cutting billions of dollars in expenses and eliminating thousands of positions across divisions including ABC, Pixar, ESPN, its film studio and its experiences business.
Despite those reductions, Disney reported a global workforce of 231,000 employees at the end of its previous fiscal year.
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