Disney plans to cut several thousand jobs, people familiar with the matter told CNBC. Some managers have been asked to reduce costs by up to 20%, according to those people, who asked not to be named because they were not authorized to speak publicly.
The move is the latest round of layoffs since CEO Josh D'Amaro took over earlier this year. Disney announced separate cuts in April, affecting as many as 1,000 employees, mostly in marketing. In September, it cut about 300 employees, many in human resources and technology.
Bloomberg first reported the latest round of layoffs. In an Aug. 5 letter to shareholders, D'Amaro and CFO Hugh Johnston wrote that the company is "mid-stream" in its cost-reduction work and "will provide future updates on our progress."
In August, Disney introduced an early retirement program for some employees. Chief People Officer Sonia Coleman wrote in an Aug. 24 letter to staff that "involuntary staff reductions that have already begun in some areas and will continue into next year" are one of several actions the company is taking to reshape its organization.
Disney had about 231,000 employees at the close of its fiscal year 2025, according to its annual financial report. The company will report fiscal fourth-quarter earnings on Nov. 17.
Netflix said in a memo last month that it would lay off roughly 6% of its workforce. Skydance, the combined company of Paramount and Warner Bros. Discovery, is also expected to cut staff as it works to realize $6 billion in synergies over three years.