(Bloomberg) — Walt Disney Co. is moving toward thousands of job cuts, with the entertainment giant asking some executives to aim for 20% annual savings, according to people familiar with the matter.
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The savings could come from job cuts as well as spending cuts, said the people, who asked not to be identified because the discussions are private.
Some Disney operations, including theme parks, the television station and movie studios, will be disproportionately affected. CEO Josh D’Amaro wants to reinvest some of the savings in film and television programming, technology as well as theme parks and cruise operations, the sources said.
The company has promised double-digit growth in adjusted earnings per share for the current fiscal year.
A Disney representative declined to comment.
Disney has cut billions of dollars in costs and eliminated thousands of positions in recent years, with the cuts affecting all divisions, including ABC, Pixar, ESPN, the movie studio and the experiences unit. The company had 231,000 people worldwide at the end of the last financial year.
The Wall Street Journal reported Oct. 1 that Disney was planning a restructuring of its TV division and cuts in the company’s legal and global affairs unit.
Other entertainment companies, including Netflix Inc., Sony Pictures Entertainment, and the Paramount and Warner Bros. divisions. of Skydance Corp., have also cut jobs as traditional TV revenues decline and streaming subscriber growth slows. They also face a growing number of viewers who are turning to social media, online videos and streaming services backed by tech giants like Amazon.com Inc. and Apple Inc.
At the Bloomberg Screentime conference in Los Angeles last month, Disney President Dana Walden said that “it’s necessary to constantly evaluate how you’re structured and how big the organization is.” Technology has set its sights on our business and we need to survive, thrive and grow, and that’s what we’re going to do.
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