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Pixar Hit by Disney Layoffs Despite Blockbuster Success
21 Jul
Summary
- Disney announced significant layoffs impacting several corporate functions.
- Pixar and National Geographic are among the hardest-hit divisions.
- Layoffs occur despite "Toy Story 5" nearing a billion-dollar gross.
Disney implemented a significant wave of companywide layoffs on Tuesday, impacting several hundred employees across various corporate functions. The media conglomerate's studios, including Pixar Animation Studios, and divisions like ESPN and Disney Entertainment Television are among those affected. National Geographic reportedly experienced the majority of impacts within the TV group, while Pixar saw the most significant cuts on the studios side.
These workforce reductions follow a memo from CEO Josh D'Amaro in April, emphasizing the need to streamline operations and ensure a more agile, technologically-enabled workforce to meet evolving industry demands. The layoffs occur as Pixar's latest release, "Toy Story 5," is projected to cross the billion-dollar mark, making it the franchise's highest-grossing film. Despite this success, Pixar, like other animated studios, has faced challenges launching new properties post-pandemic, with some films directly released to Disney+.
