Disney considers laying off thousands of workers to cut costs by 20%

Walt Disney plans to lay off thousands of employees to achieve a 20% reduction in annual costs. The initiative, reported by Bloomberg, involves various sectors including theme parks and television channels. CEO Josh D'Amaro aims to reinvest savings into film production, technology, and cruise operations. Disney, which employed around 231,000 globally, has not disclosed the exact number of potential layoffs. This restructuring comes amid increased competition from streaming services and declining ticket sales. Previously, Disney had already cut hundreds of jobs in September and April, following a significant reduction of 7,000 positions in 2023 as part of a $5.5 billion cost-cutting program.