Tha Walt Disney Co. closes Blue Sky Studios, an animation company they acquired by buying Fox entertainment assets two years ago.
The work will be completed over the next two months, eliminating about 450 jobs, Disney said Tuesday. Founded some 25 years ago, Blue Sky is best known for its “Ice Age” and “Rio” film franchises. His latest release was “Spies in Disguise. ”
Disney, like other entertainment companies, has been hit hard by the coronavirus, which has forced it to close or restrict presence at its theme parks and eliminate the distribution of major movies in theaters. The company also has a Pixar and Disney animation studios. Blue Sky was one too many.
“Given the current economic realities, after much deliberation and evaluation, we have made the difficult decision to close filmmaking operations at Blue Sky Studios,” the company said in a statement.
Under CEO Bob Chapek, who took office a year ago, Disney has been bringing a sharp knife to action, eliminating businesses that were once as popular as the Disney Radio network, the Disney Channel UK and even an annual pass at its original Disneyland theme park.
Disney lost $ 2.86 billion on sales of $ 65.4 billion last year. The results of their first quarter are expected to be reported on February 11.
This story was published from a wire group group with no text changes. Only the headline has changed.