Pixar Animation Studios, the studio behind 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 impacted by the job cuts.
The animation studio had ramped up production of original series as former Walt Disney CEO Bob Chapek pushed each of the company’s creative units to produce exclusive content for Disney+.
His successor, Bob Iger, has scaled back spending on original streaming content to lift Disney+ to profitability.
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.
Source: NYPOST