BURBANK, Calif., July 12 (UPI) -- Walt Disney Studios in Burbank, Calif., is announcing it plans to cut the number of films it produces each year from about 18 to eight.
Disney Chairman Dick Cook plans to transform the studio structure, focusing on making Disney-branded movies and cutting back companies like Touchstone, Daily Variety reported. Disney's workforce will also be reduced.
Despite the successes of "Pirates of the Caribbean" -- which took in $135 million its first weekend -- and Pixar's "Cars," Disney has experienced a number of failures this year, including "Stick It," "Annapolis," "Stay Alive" and "The Wild."
This latest announcement underscores the trend among studios toward reducing overhead expenses to increase the bottom line, Variety said.
