New York — The Walt Disney Co. said Tuesday it would eliminate 4,000 full-time jobs, or about 3 percent of its global work force.
The media and entertainment giant cited the "increasingly pressing challenges of the softening economic environment."
It said that it would try to make cuts through a voluntary program within the next month, but that layoffs may be needed.
The cuts will come across all operating areas, including the company's corporate staff in Burbank, Calif., Disney said.
Disney employs 120,000 people worldwide, with the greatest concentration 55,000 in Orlando, Fla.
Disney spokesman John Dreyer said the cuts would result in $350 million to $400 million in annual savings.
In a letter addressed to "fellow cast members," Disney chairman Michael Eisner and president Robert Iger said the company had been working to contain costs and operate more efficiently.
"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," the letter said.
Last month, Disney Internet Group announced it would close its telemarketing center in Lawrence, moving nearly 60 employees out of town and slashing 115 seasonal jobs two months early. The center closed March 9.
Disney's latest announcement came after the close of regular trading Tuesday on the New York Stock Exchange, where Disney shares finished up $1.28 to $29.
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