Important Takeaways:
- Walt Disney’s Pixar Animation Studios is set to cut jobs as the studio has completed production on some shows and now has more staff than it needs, a source familiar with the situation told Reuters on Thursday.
- TechCrunch reported earlier that Pixar was set to undergo layoffs as high as 20% this year, with the studio’s team of 1,300 people reduced to under 1,000 over the coming months.
- Pixar’s Emeryville studio in California had hired staff to complete streaming series and as those shows complete production it has more staff than it needs, the source added.
- Disney did not immediately respond to a Reuters request for comment.
- Disney CEO Bob Iger, who was brought back in 2022 to turn the company around, has signaled the company will reduce streaming content it makes itself in a bid to keep a lid on costs, and will license shows and movies from third parties
- Pixar is famous for cinematic franchises including “Toy Story”, “The Incredibles” and “Finding Nemo”.
- Disney acquired Pixar in 2006 to revitalize its struggling Disney Animation.
Read the original article by clicking here.