Disney Eyes Thousands of Job Cuts, Bloomberg Reports

The Walt Disney Company is moving toward cutting thousands of jobs, Bloomberg News reported Monday, citing people familiar with the matter.

Some managers have been asked to target 20% in annual cost savings through a combination of job eliminations and other expenses, according to the report. The 20% figure refers to cost savings targeted in certain areas, not a cut of 20% of the company's workforce.

Disney declined to comment on the report. Reuters said it could not immediately verify the report.