Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Disney's Pixar Animation to lay off about 14% of workforce

Published 05/21/2024, 11:08 AM
Updated 05/21/2024, 11:41 AM
© Reuters. Pixar toys from Mattel are pictured in the Manhattan borough of New York City, New York, U.S., February 21, 2020. REUTERS/Carlo Allegri/File Photo

By Dawn Chmielewski

(Reuters) -Pixar Animation Studios, which produced such classic films as "Toy Story" and "Up," began laying off about 14% of its workforce Tuesday as it scales back development of original streaming series, according to a source familiar with the development.

Approximately 175 people will be affected by job cuts at the Walt Disney (NYSE:DIS) Co unit.

The animation studio had hired additional staff to create original series as former Disney CEO Bob Chapek pushed each of the company's creative units to produce exclusive content for Disney+.

Chapek's successor, Bob Iger, has scaled back spending on original streaming content to lift Disney+ to profitability. The company's entertainment division, which includes the Disney+ and Hulu streaming services, reported an operating profit in the most recent quarter.

© Reuters. Pixar toys from Mattel are pictured in the Manhattan borough of New York City, New York, U.S., February 21, 2020. REUTERS/Carlo Allegri/File Photo

Pixar will return its focus exclusively to feature films, which will screen in theaters before becoming available in homes via Disney+. A single original series, "Win or Lose," about a co-ed softball team, will appear this year on Disney+.

Reuters reported the first wave of layoffs last year, and earlier this year reported that another wave of cuts were coming.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.