(Bloomberg) -- Walt Disney Co. 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.

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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. Chief Executive Officer 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.

The company has promised double-digit growth in adjusted earnings per share in the current fiscal year.

A representative for Disney declined to comment.

Disney has cut billions of dollars worth of costs and eliminated thousands of positions in recent years, with reductions impacting every division including ABC, Pixar, ESPN, the film studio and the experiences unit. The company had 231,000 people worldwide at the end of the last fiscal year.

The Wall Street Journal reported on Oct. 1 that Disney was planning a restructuring of its TV division, and cuts at the company's legal and global affairs unit.

Other entertainment companies including Netflix Inc., Sony Pictures Entertainment and Skydance Corp.'s Paramount and Warner Bros. divisions have also cut jobs as revenue from traditional television declines and streaming subscriber growth slows. The also have to cope with more viewers tuning to social media, online videos and streaming services backed by tech giants like Amazon.com Inc. and Apple Inc.

At the Bloomberg Screentime conference in Los Angeles last month, Disney President Dana Walden said that "there is a need to constantly evaluate how you're structured and how big is the organization. Technology set their sights on our business and we must survive and thrive and grow, and that's what we're going to do."

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