Walt Disney's Pixar Animation Studios Lays Off 75 Employees

Walt Disney's Pixar Animation Studios has laid off 75 employees, including the two lead executives behind the box office disappointment "Lightyear", sources said on Saturday. It is the first significant job cut at the studio in a decade.

Among the lay-offs, included, "Lightyear" director Angus MacLane, a 26-year animator who had been a part of the senior creative team on such acclaimed films as "Toy Story 4" and "Coco."

Even the producer of "Lightyear", Galyn Susman, was given a pink slip, and she also departed. Susman had been at Pixar since the release of the original "Toy Story" movie in 1995.

However, both MacLane and Susman could not be reached for comment, as per the Reuters news report.

The cuts, which took place on May 23, are part of Walt Disney Chief Executive Bob Iger's previously announced plan to eliminate 7,000 jobs and slash $5.5 billion in costs. That restructuring combined the film and television groups into a single Disney Entertainment unit and eliminated a division charged with distribution.

The layoffs at Pixar are significant because the studio is a creative force generating franchises and characters that drive revenue across Disney.

Pixar is famous for cinematic franchises including "Toy Story, The Incredibles", and "Cars". But "Lightyear", which was released last year reported a budget of $200 million, brought in a modest $226.7 million in worldwide ticket sales, and received a mixed critical reception.

"Lightyear" could not be shown in 14 Middle Eastern and Asian countries because of its depiction of a same-sex relationship. This had an impact on its box office performance.