STOCKS | Disney Plans Thousands of Job Cuts, Asks Some Managers to Cut Costs 20%

The Walt Disney Company is planning to cut thousands of jobs and has asked some managers to target a 20% reduction in annual costs. According to Sina Finance, people familiar with the matter said savings could come from job cuts and reduced spending; they requested anonymity because the discussions were confidential. Some of Disney’s businesses, including its theme parks, television networks and film studios, are expected to be particularly affected. CEO Josh D'Amaro plans to reinvest some of the savings in film and television production, technology, theme parks and cruise operations. Disney has previously committed to double-digit growth in adjusted earnings per share in the current fiscal year. A company representative declined to comment.