Disney targets up to 20% in cost savings, including job cuts – report

• Walt Disney Co. (DIS) is said to be moving toward thousands of job cuts with the entertainment giant asking some managers to target 20% in annual cost savings.
• The savings could come from job eliminations as well as from expense reductions, according to Bloomberg News.
• The potential layoffs come as CEO Josh D’Amaro faces mounting challenges, including increased AI adoption, declining box office revenue, intensifying competition from streaming rivals, and slowing attendance at overseas theme parks, Bloomberg reported.
• Disney has carried out multiple rounds of layoffs this year, cutting hundreds of jobs in September and July across HR, IT, Pixar, ESPN, and other divisions. In April, the company eliminated about 1,000 roles as part of a marketing restructuring led by Chief Marketing and Brand Officer Asad Ayaz.
• “I think like all of our similarly situated competitors, and certainly all of our competitors in the tech industry, there is a need to constantly evaluate how you’re structured,” Dana Walden, president and chief creative officer of The Walt Disney Company, said about the continuous layoffs during Bloomberg’s Screentime conference last month.
• “Technology set their sights on our business, and we must survive and thrive and grow. That’s what we’re going to do.”

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