Disney to axe 4,000 jobs
The Walt Disney Company is to axe 4,000 full-time jobs.
The cuts will come through a voluntary redundancy programme within the next month. Lay-offs will occur if the full reduction is not achieved.
The company employs 120,000 workers worldwide, with the greatest concentration - 55,000 - in Orlando, Florida.
Disney spokesman John Dreyer said the cuts would result in annual savings of between $350m to $400m.
In a letter addressed to "fellow cast members," Disney chairman Michael Eisner and president Robert Iger said the company has been working to contain costs and operate more efficiently.
The letter stated: "But despite our progress, the economy has become more challenging in recent months and we must continue to seek ways to manage our businesses even more productively."
Disney announced the job cuts after the close of trading on the New York Stock Exchange.
