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The people, who asked not to be identified because details are not yet public, said the cuts would affect TV, movies, theme parks and corporate teams, and affect every region in which Disney operates. Some affected workers will be notified as early as April 24.
The company declined to comment. Shares fell 0.6 percent to $100.35 in pre-market trading amid a broader decline in stocks.
Disney said in February that it planned to cut 7,000 jobs from its workforce of more than 220,000 jobs, as part of an overall strategy to cut $5.5 billion in annual costs. Cuts are being made across the company, the people said, including at Disney Entertainment, a unit created in this year’s restructuring as home to the company’s film and television production and distribution businesses including broadcast.
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As part of the restructuring, CEO Bob Iger has moved to take back power to the creative executives. He promoted key assistants including Alan Bergman and Dana Walden, co-presidents of Disney Entertainment. With the company reducing its commitment to general entertainment and focusing more on franchise properties and well-known brands, the entertainment division has emerged as a focus for discounts.
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Every major media company, including Comcast Corp.’s NBCUniversal and Warner Bros. Discovery Inc. and Paramount Global, cutting staff as Wall Street’s attention shifted from increasing broadcast subscribers to the high cost of running online video platforms.
In November, Iger returned to lead Disney after a quarterly loss of $1.47 billion in the company’s streaming business precipitated the ouster of his chosen successor, Bob Chapek.