Walt Disney Co. (DIS:US), the world’s biggest entertainment company, said it will close its Pixar animation studio in Vancouver to focus the business at its main site in Emeryville, California.
“As we look at the creative and business needs of our studio, we’ve made the decision to refocus our efforts and resources under one roof in Emeryville,” the Burbank, California-based company said in an e-mailed statement, which didn’t disclose how many jobs would be lost as a result.
Disney was attracted to Vancouver by tax incentives and the shuttering of the operation follows a reduction of those benefits by British Columbia, Variety reported, saying the move will result in 100 job losses. Pixar, which Disney bought in 2006, employs about 1,200 staff according to a March 2011 posting on Pixar’s website.
Shares of Disney slipped less than 1 percent to $64 at the close in New York to give the stock a gain of 29 percent this year.
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