Disney's Pixar Animation to lay off about 14% of workforce

By Dawn Chmielewski

(Reuters) -Pixar Animation Studios, which produced 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 affected by job cuts at the Walt Disney Co unit.

The animation studio had hired additional staff to create original series as former Disney CEO Bob Chapek pushed each of the company's creative units to produce exclusive content for Disney+.

Chapek's successor, Bob Iger, has scaled back spending on original streaming content to lift Disney+ to profitability. The company's entertainment division, which includes the Disney+ and Hulu streaming services, reported an operating profit in the most recent quarter.

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, and earlier this year reported that another wave of cuts were coming.

(Reporting by Dawn Chmielewski; Editing by Chizu Nomiyama and David Gregorio)