Disney (DIS.US) reportedly plans to lay off thousands of employees, with some managers being asked to cut annual costs by 20%.

Zhihu Finance APP has learned from informed sources that Disney (DIS.US) is planning to lay off thousands of employees. The entertainment giant has asked some managers to set annual cost-saving targets at 20%. According to the sources, these savings may come from layoffs or expense reductions. Disney’s business covers theme parks, TV networks, and movie studios, with some sectors being affected much more significantly. The sources said CEO Josh D'Amaro plans to reinvest part of the savings into films and TV shows, technology, as well as theme parks and the cruise business.