Disney has cut billions of dollars in costs and eliminated thousands of jobs in recent years, with reductions affecting every division. (EPA Images pic)FLORIDA: Walt Disney is moving toward thousands of job cuts with the entertainment giant asking some managers to target 20% in annual cost savings, according to people familiar with the matter.

The savings could come from job eliminations as well as from expense reductions, said the people, who asked to not be identified because the discussions are private.

Some of Disney’s operations, which range from theme parks, TV network and the movie studio, will be affected disproportionately. CEO Josh D’Amaro aims to reinvest a portion of the savings into film and TV programming, technology and the theme parks and cruise ship businesses, the people said.