Insiders told CNBC that Disney is planning to cut thousands of jobs.

According to these informed sources, some managers of this entertainment giant have been asked to cut costs by up to 20%. As they are not authorized to speak publicly, they have requested to remain anonymous.

This marks the latest round of layoffs since CEO Josh Damaro ( Josh D ' Amaro ) took over the company earlier this year. This update follows two previous independent layoff plans: in April, the company planned to cut up to 1,000 employees, mainly from the marketing department; in September, it planned to lay off about 300 more employees, many of whom were from the human resources and technology departments.

Bloomberg was the first to report on this latest round of layoffs.

In the financial report of August, company executives warned that there might be more layoffs.

Damaro and Chief Financial Officer Hugh Johnston ( Hugh Johnston ) wrote in a letter to shareholders on August 5th: 'We remain highly focused on reducing costs across the entire enterprise in order to create additional capacity for growth investments, and we are evaluating various means to do so.' They also stated: 'We are in the middle of this process and will provide updates on progress in the future.'

In August, Disney launched an early retirement program for some of its employees.

In a letter to employees on August 24th, Sonya Coleman ( Sonia Coleman ), the company's Chief Human Resources Officer, wrote: "This is one of several actions we are taking to reshape the organization, including some voluntary layoffs that have already begun in certain areas and will continue into next year."

According to Disney's annual financial report, as of the end of the fiscal year 2025, which coincides with the end of September of that year, the company had a total workforce of approximately 231,000 people.

Disney is not the only entertainment company seeking to cut costs. Netflix stated in a memo last month that it would lay off about 6% of its employees.

Disney will release its financial report for the fourth quarter of fiscal year 2026 on November 17.