Disney considers thousands of layoffs and targets 20% in annual cost savings, Bloomberg News reports

Walt Disney is reportedly planning to cut thousands of jobs and has instructed some managers to aim for 20% in annual cost reductions. This restructuring effort comes as CEO Josh D'Amaro addresses challenges such as the increasing use of AI, declining box office revenue, heightened competition in streaming, and a slowdown in international theme park attendance. Certain Disney operations are expected to bear a larger portion of these cuts.