Disney considers cutting thousands of jobs as it seeks to slash annual spending by 20

Disney is considering layoffs numbering in the thousands and has asked some managers to identify 20% in annual cost savings, according to Bloomberg. The cuts could involve eliminating jobs and reducing other expenses. The initiative comes as CEO Josh D’Amaro confronts multiple pressures, including increased use of artificial intelligence, weaker box office results, tougher competition from streaming rivals, and a slowdown in international visitors to Disney theme parks. The report says theme parks, the television network and the film studio may be hit more than other units. Disney plans to reinvest part of the savings in film and TV content, technology, and its parks and cruise operations. It did not specify how many roles could be affected.