Disney Weighs Cutting Thousands of Jobs; Some Managers Told to Cut Annual Costs by 20%

Disney ($DIS) is reviewing plans to cut thousands of jobs and has told some managers to target 20% annual cost reductions, Bloomberg reported on September 3, citing people familiar with the matter; the company declined to comment. The 20% figure is an annual cost-savings target for certain managers rather than a company-wide headcount reduction ratio, and the targeted savings may include spending cuts beyond layoffs. Disney plans to reinvest part of the savings into film and TV content, technology, theme parks, and its cruise business. The move follows Disney's fiscal Q3 2026 shareholder letter released August 5, in which it signaled a need to free up capacity for investment in growth businesses. The report underscores mounting cost discipline across legacy media as Disney balances margin protection with capital commitments to streaming, experiences, and content. Watch for confirmation of the layoff scale, which divisions absorb the deepest cuts, and whether management ties the savings to updated guidance or reinvestment targets at upcoming earnings.