Disney plans several thousand layoffs and up to 20% cost cuts

Disney is planning to cut several thousand jobs and has asked some managers to reduce costs by up to 20%, people familiar with the matter told CNBC; Bloomberg first reported the plan. It is the latest round of layoffs since CEO Josh D'Amaro took over earlier this year, after plans in April to cut as many as 1,000 employees, mostly in marketing, and in September about 300, many in human resources and technology. Executives had warned of more reductions in the August earnings report, saying the company is focused on reducing costs across the enterprise to free capacity to invest for growth. At one of the world's biggest entertainment companies, the price of the next growth push is being paid by its staff.