Walt Disney Co.’s Lucasfilm is winding down its operations in Singapore after almost 20 years in the country, reflecting challenges in the industry.
(Bloomberg) — Walt Disney Co.’s Lucasfilm is winding down its operations in Singapore after almost 20 years in the country, reflecting challenges in the industry.
“The global media industry is facing disruption from rapid technological advancements, while studios are coping with challenges relating to talent and profitability,” according to a joint statement by Singapore’s Economic Development Board and Infocomm Media Development Authority on Tuesday.
The move will affect more than 300 employees at Lucasfilm’s visual effects and animation studio, Industrial Light & Magic, according to a report by Today.
Having once built Disney into the world’s most powerful entertainment company by acquiring the Pixar and Marvel studios along with Star Wars’ Lucasfilm, Bob Iger is now slashing spending with cut backs and layoffs, at a time when rival Netflix is adding subscribers. Iger’s contract was last month extended through 2026.
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