Disney is planning to cut several thousand jobs, people familiar with the matter told CNBC. The sources asked not to be named because they were not authorized to speak publicly.
Some managers have been asked to reduce costs by up to 20%, according to the same people.
The planned cuts are the latest round since CEO Josh D'Amaro took over earlier this year. Disney announced plans in April to cut as many as 1,000 employees, mostly in marketing, and in September to cut about 300 employees, many in human resources and technology.
Bloomberg first reported the latest layoffs. In an Aug. 5 letter to shareholders, D'Amaro and CFO Hugh Johnston wrote that the company is "highly focused on reducing costs across the enterprise" and said it is "mid-stream in this work." In an Aug. 24 letter to employees, Chief People Officer Sonia Coleman wrote that involuntary staff reductions "have already begun in some areas and will continue into next year."
Disney had about 231,000 employees at the close of its fiscal 2025, according to its annual financial report. Disney will report fiscal fourth-quarter earnings on Nov. 17.