Pixar Faces Staff Cuts Amid Disney's Streaming Push

Disney-owned Pixar Animation Studios is reportedly set to cut jobs, with reports suggesting a potential 20% reduction in headcount. The studio, known for hit franchises like "Toy Story" and "The Incredibles," is facing the need to streamline its workforce as it grapples with the impact of the pandemic on moviegoing. Disney CEO Bob Iger, aiming to reduce streaming content production costs, has signaled a shift towards licensing shows and movies from third parties. This move comes as Pixar has faced challenges in replicating the success of its earlier blockbusters, with recent layoffs and slower box office returns.