Disney is reportedly preparing to cut thousands of jobs as it seeks major savings amid streaming competition, softer box office returns and slower international theme-park visits. Bloomberg News reported that some managers were asked to identify 20 percent in annual savings, with job cuts among the options. Disney plans to redirect some savings towards content, technology, parks and cruises.

Walt Disney is reportedly preparing to cut thousands of jobs as part of a sweeping cost-reduction drive, with some managers asked to find annual savings of 20 percent. The move comes as the entertainment giant contends with intensifying competition from streaming platforms, softer box office returns and slower international visitor numbers at its theme parks. Disney is also grappling with the rapid spread of artificial intelligence, which is reshaping the entertainment industry. Exact job-loss numbers have not been disclosed.

Bloomberg News reported that Disney is moving towards large-scale layoffs. Disney could meet the 20 percent target through job eliminations and other expense cuts. Some divisions are expected to face deeper cuts than others.

Where the savings may go

Part of the money saved is expected to be redirected into film and television content, technology, theme parks and the cruise business. The approach suggests Disney wants to trim costs while continuing to fund the segments it sees as drivers of future growth. Disney had about 231,000 employees worldwide at the end of its last fiscal year, per Bloomberg.