Episode 101: Disney Cuts Hundreds: Pixar and Nat Geo Hit Hardest

Disney is executing several hundred layoffs across multiple divisions, with Pixar and National Geographic absorbing the heaviest cuts. The move is notable precisely because it comes while Pixar is at peak creative performance — raising the question of what's actually driving the reductions and what it signals for content-side headcount across the industry. Key Takeaways: Pixar cuts are in the high single-digit percentage of its 1,100-person staff — roughly under 100 positions — spread across production and operations, with no senior executive departures reported yet. Pixar's Hoppers and Toy Story 5 are combining for close to $1.4 billion worldwide, meaning these cuts are structural, not performance-driven. Disney Entertainment Television is losing just under 100 positions total, with National Geographic — both cable network and editorial/operations — taking the largest share, and approximately 12 ABC News staffers also affected. This is Nat Geo's second significant reduction in roughly two years; the 2024 DET layoffs cut ~60 Nat Geo employees, representing 13% of its staff at the time. Simultaneous ESPN layoffs tied to an NFL deal restructuring are running separately, indicating a coordinated, company-wide efficiency mandate under new CEO Josh D'Amaro. Lucasfilm, whose Star Wars: The Mandalorian and Grogu landed at $344M — the lowest-grossing Star Wars film ever — is notably not the division generating layoff headlines today. Disney closed fiscal 2025 with 231,000 total employees (roughly 172,000 U.S.), with content-side headcount continuing to shrink as legacy cable infrastructure is wound down. The broader read for agents, producers, and executives: Disney is now operating in a mode where creative success and operational restructuring are decoupled. A billion-dollar box office doesn't insulate production and operations staff from efficiency mandates. If you have clients or colleagues embedded in Disney's content divisions — especially those tied to legacy cable brands or DTC infrastructure — the structural pressure isn't going away. The question to ask is whether a given role is load-bearing in the post-cable, post-build-up model, not whether the studio is having a good year. Subscribe to The Option for daily updates on the business behind the business.