Disney plans several thousand layoffs, asks some managers to cut costs by up to 20%

Disney is planning to cut several thousand jobs, people familiar with the matter told CNBC. Some managers at the entertainment giant have been asked to reduce costs by up to 20%, according to the people, who asked not to be named because they were not authorized to speak publicly. It marks the latest round of layoffs since CEO Josh D'Amaro took the reins earlier this year. The update comes after separate plans in April to cut as many as 1,000 employees , predominantly in the marketing department, and in September to cut about 300 employees , many in human resources and technology divisions. Company executives warned of the possibility of more reductions in its August earnings report.