11:40 AM EDT, 05/21/2024 (MT Newswires) -- (Updates with details throughout.)

Walt Disney's ( DIS ) Pixar Animation Studios is laying off about 175 employees, or nearly 14% of its workforce, media outlets reported Tuesday.

In January, media outlets reported that Pixar would be reducing some jobs, following 75 eliminations in June last year, Bloomberg reported.

The latest reported layoffs come as Disney ( DIS ) Chief Executive Bob Iger continues to seek cost-cutting avenues, according to the report.

Disney ( DIS ) didn't immediately respond to MT Newswires' request for comment.

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