Disney CEO Bob Iger has confirmed that sequels to Toy Story, Frozen and Zootopia are officially in the works during today’s Q1 earnings call.
No other details were shared, including potential shoot/release dates and creative teams, but the movies will mark the third instalment in the Frozen franchise, the fifth Toy Story movie, and the second Zootopia film.
Prior to the big announcement, Iger shared some not-so-great news for Disney employees, as the company is set to let go of 7,000 employees (roughly 3% of its workforce) in an effort to cut $5.5 billion in overall costs.
“We will be reducing our workforce by approximately 7000 jobs,” Iger said on the call. “While this is necessary to address the challenges we’re facing today, I do not make this decision lightly. I have enormous respect and appreciation for the talent and dedication of our employees worldwide. And I’m mindful of the personal impact of these changes. on the content side, we expect to deliver approximately $3 billion in savings over the next few years, excluding sports."
Iger also announced some major restructuring or the company, with Alan Bergman and Dana Walden becoming co-chairmen of Disney Entertainment.
“Alan Bergman and Dana Walden will be co-chairmen of Disney Entertainment, which will include the company’s full portfolio of entertainment, media and content businesses globally, including streaming. Jimmy Pitaro will continue to serve as Chairman of ESPN, which will include [linear] ESPN networks, ESPN+ and our international sports channels. And Josh D’Amaro will continue to be chairman of Disney Parks experiences and products, which will include our theme parks, resort destinations and Cruise Line as well as Disney’s consumer products, games and publishing businesses.”