Seeing as how the last film ended with closure, Tim Allen surprised fans with a Tweet this morning that confirms Toy Story 5, Disney also plans to cut 7,000 jobs in a new cost-reducing measure.
Disney delivered some good news on Thursday morning for fans, specifically of the Disney films, as they’ve confirmed the existence of Frozen 3 and Zootropolis 2 and also announced Toy Story 5. The latter was subsequently confirmed by Buzz Lightyear voice actor Tim Allen on Twitter while also confirming the return of the titular character Woody. The Tweet fell JUST short of confirming whether Tom Hanks would reprise the role as well. The Tweet can be seen below.
The quarterly earnings call where CEO Bob Iger confirmed the new Pixar-helmed movie wasn’t filled with just good news. Disney plans to shed 7,000 workers from its 220,000+ workforce in a new cost-cutting initiative outlined on their quarterly earnings call, which amounts to roughly 3% of all employees. Disney is far from the only company to deploy massive layoffs, as Microsoft and Google have already reported thousands in the infancy of 2023.
Iger said, “We will take a very hard look at the cost of everything we make across television and film,” CNBC reports. the surprising Pixar announcement of Toy Story 5 and the other sequels are also surprising considering the planned $5.5 billion in cost-reducing measures was also announced by Disney and “will be made up of $3 billion from content, excluding sports, and the remaining $2.5 billion from non-content cuts.”
While the announcement from Tim Allen is exciting, he mentions the Toy Story 5 character “Woody,” and nowhere says that Tom Hanks would reprise the role in the 5th instalment. While it seems that Tim Allen is indeed confirmed to return as Buzz Lightyear, nothing else for the film has been confirmed just yet outside of his casting choice and the film’s existence. Fans should stay queued into Tim Allen’s Twitter account for further news regarding the fifth film.