Disney cuts over 600 jobs

In order to improve its lagging film division, Disney is decreasing the number of films it produces annually and focusing more on lucrative family movies, at the cost of over 600 of the studio's workers.

Among the employees being released is Nina Jacobson, the former head of live-action productions, who oversaw several Disney blockbusters; including "Pirates of the Caribbean: Dead Man's Chest," "The Sixth Sense" and "The Chronicles of Narnia: The Lion, the Witch, and the Wardrobe." Jacobsen is being replaced by marketing chief Oren Aviv.

Under the new plan, Disney will release about 13 live-action and animated films each year, while sister company Touchstone will distribute two to three films. The change cuts the studio's annual production by almost half.

Disney's film unit reported a $313 million loss in its fourth quarter ending in September, the biggest loss in six years.

Similar changes have occurred at other studios including Warner Bros., which released 400 workers last year, as well as Paramount and MGM.