By Don Chmielewski
(Reuters) – Pixar Animation Studios, which produced classic films such as Toy Story and Up, began laying off about 14% of its workforce on Tuesday as development of the original broadcast series is scaled back, according to a source familiar with the development.
Approximately 175 people will be affected by Walt's job cuts Disney (NYSE:) What is a unit?
The animation studio has hired additional staff to create original series as former Disney CEO Bob Chapek pushes each of the company's creative units to produce content exclusively for Disney+.
Chapek's successor, Bob Iger, has cut spending on original streaming content to lift Disney+ to profitability. The company's entertainment division, which includes streaming services Disney+ and Hulu, reported operating profits in the latest quarter.
Pixar will refocus exclusively on feature films, which will be released in theaters before becoming available in homes via Disney+. One original series, “Win or Lose,” about a co-ed baseball team, will premiere this year on Disney+.
Reuters reported on the first wave of layoffs last year, and earlier this year reported that another wave of cuts was coming.
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