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Walt Disney is considering cutting thousands of jobs and has asked some managers to target 20% in annual cost savings, Bloomberg ‌News reported on Monday, citing people familiar with the matter.

The reported restructuring effort comes as CEO Josh D’Amaro navigates challenges including the growing use of AI, weaker box office revenue, intensifying competition from streaming rivals and a slowdown in international attendance at ⁠the entertainment company’s theme parks.

Some Disney operations are expected to bear a larger share of the cuts than others and D’Amaro aims to reinvest part of the savings into film and TV programming, technology, theme parks and cruise ship businesses, the report said.

Disney is planning on cutting thousands of jobs, according to a new report.…