Disney plans several thousand layoffs

Disney plans to cut several thousand jobs, people familiar with the matter told CNBC.

Some executives at the entertainment giant have been asked to cut costs by up to 20%, according to the sources, who requested anonymity because they were not authorized to speak publicly.

This is the latest wave of layoffs since CEO Josh D’Amaro took the reins earlier this year. The update follows separate plans in April to cut up to 1,000 employees, primarily in the marketing department, and in September to cut about 300 employees, many in the human resources and technology divisions.

Bloomberg was first to report the latest round of layoffs.

Company executives warned of the possibility of further cuts in their August earnings report.

“We remain highly focused on reducing costs across the business to create additional investment capacity for growth and are evaluating various levers,” D’Amaro and Chief Financial Officer Hugh Johnston wrote in an Aug. 5 letter to shareholders. “We are halfway through this work and will provide future updates on our progress.”

Disney outlined plans in August for an early retirement program for some employees.

“This is one of many steps we are taking to reshape our organization, including involuntary staff reductions that have already begun in some areas and will continue into next year,” Sonia Coleman, director of human resources, wrote in an Aug. 24 letter to employees.

Disney had about 231,000 employees at the close of its 2025 fiscal year, which ended in September of that year, according to the company’s annual financial report.

Disney isn’t the only entertainment company looking to cut costs. Netflix said in a note last month that it would lay off about 6% of its workforce. Sky Dancethe newly merged company of Paramount and Warner Bros. Discovery, is also expected to reduce its workforce with the aim of achieving $6 billion in synergies over three years.

Disney will report its fourth quarter financial results on November 17.