12:58 PM EDT, 05/21/2024 (MT Newswires) -- (Updates with response from Pixar in the fourth paragraph.)

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.

A Pixar representative told MT Newswires that the layoffs are starting (the number is less than what was reported in January) "largely due to pulling back on direct-to-consumer series."

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