Walt Disney prepares for thousands of layoffs to cut costs by 20%

Walt Disney Co. is preparing to initiate significant layoffs as it seeks to reduce annual costs by 20%. The entertainment conglomerate has instructed managers to identify savings that will impact various divisions across the company, aiming to reallocate capital toward film and television production, technology, and theme park operations.

This move follows a series of cost-cutting measures implemented by Disney over the past few years, which have spanned divisions including ABC, ESPN, and Pixar. The company, which employed approximately 231,000 people globally at the end of its last fiscal year, has focused on streamlining operations to improve financial performance.

While specific details regarding the timeline and exact number of job losses remain unconfirmed, the initiative aligns with the company's previously stated objective to navigate a shifting media landscape. Management has maintained that these adjustments are necessary to ensure the firm's competitive position and long-term viability.