Disney (NYSE:DIS) layoffs are coming to the happiest place on Earth as the company looks to cut workers from its Pixar animation studio.
Disney has confirmed that layoffs are coming to Pixar later in 2024 but hasn’t commented on how many employees will lose their jobs. Insiders claim it could be as many as 20% of the animation studio’s 1,300 workers that get sacked.
Inside sources reported that the Disney layoffs are mostly going to be focused on Pixar employees hired to make content for Disney+. The streaming service still isn’t profitable yet but Disney hopes it will be by the fourth quarter of 2024. It could be that these layoffs are part of its plans to start seeing green from Disney+, TechCrunch notes.
Growing Disney Layoffs
News of the Pixar layoffs comes after jobs at Disney were cut last year to reduce costs. That saw some 7,000 employees lose their jobs, although only 75 of those workers were employees at Pixar.
All of this is part of CEO Bob Iger’s plans to wrangle in costs at Disney to deal with a changing audience. Box office performances haven’t gone as well as the company had hoped, which isn’t helped by its streaming service burning through cash without profits.
DIS stock is up slightly as of Friday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
