Disney moves toward thousands of job cuts, Bloomberg reports

Walt Disney Company (NYSE:DIS) is moving toward thousands of job cuts as the entertainment company seeks to reduce costs and improve profitability, Bloomberg reported on Monday, citing people familiar with the matter.

The company has asked some managers to target annual cost savings of 20%, which could come from workforce reductions and other expense cuts, the report said.

Disney Chief Executive Officer Josh D’Amaro plans to reinvest part of the savings in film and television programming, technology, theme parks and cruise businesses, the report said.

Some operations, including theme parks, television channels and the movie studio, are expected to be disproportionately affected, according to Bloomberg.

Disney has already cut thousands of jobs and billions of dollars in costs in recent years, as traditional television revenue declines and streaming growth slows.