Walt Disney Co. plans thousands of job cuts and aims for 20% annual cost savings.

Walt Disney Co. is reportedly moving towards thousands of job cuts, with some managers being asked to target 20% in annual cost savings. These savings are expected to come from job eliminations and expense reductions across various operations, including theme parks, TV networks, and the movie studio. CEO Josh D'Amaro aims to reinvest a portion of the savings into film and TV programming, technology, and the theme parks and cruise ship businesses. The company had 231,000 employees worldwide at the end of the last fiscal year.