Disney plans thousands of layoffs as managers face 20% savings target

“We remain highly focused on reducing costs across the enterprise to create incremental capacity to invest for growth and are evaluating a variety of levers,” D’Amaro and Chief Financial Officer Hugh Johnston wrote in an Aug. 5 letter to shareholders. “We are mid-stream in this work and will provide future updates on our progress.”

Disney also announced plans in August for an early retirement program for some employees.

“This is one of several actions we’re taking to reshape our organization,” Chief People Officer Sonia Coleman wrote in an Aug. 24 letter to employees, “including involuntary staff reductions that have already begun in some areas and will continue into next year.”

Entertainment rivals are trimming payrolls too

Disney isn’t the only entertainment company cutting costs. Netflix said in an Oct. 14 memo to employees that it would lay off roughly 6% of its workforce, with product, technology, legal and HR teams most affected. Skydance offered voluntary buyouts to some employees in an Oct. 26 memo, after completing its acquisition of Warner Bros. Discovery.

Job cuts extend beyond media

The pressure reaches well past Hollywood. U.S. tech companies announced 123,653 job cuts through May 2026, up 66% from the same period in 2025, according to Challenger, Gray & Christmas data cited in HRD America‘s report on tech layoffs reaching a near two-year high in May. Large retailers have also reshaped their corporate ranks, including Walmart’s cut of 1,000 corporate jobs, some described as relocation, and Target’s plan to trim up to 8% of its corporate roles.