Walt Disney is moving toward thousands of job cuts after asking some managers to target 20% in annual cost savings, according to people familiar with the matter cited by Bloomberg. The savings could come from workforce reductions and other expense cuts, with theme parks, television channels and the movie studio expected to face disproportionate effects. Chief Executive Officer Josh D'Amaro plans to reinvest part of the savings in film and television programming, technology, theme parks and cruise businesses. Disney has pledged double-digit growth in adjusted earnings per share for the current fiscal year. The company had 231,000 employees worldwide at the end of its last fiscal year and has already cut billions of dollars in costs and eliminated thousands of positions across ABC, Pixar, ESPN, its film studio and experiences unit as traditional television revenue declines and streaming growth slows. Disney declined to comment.