The "strategic alliance" between the two companies will span movies, TV, streaming, theme parks and cruises, connecting the brands of the food and beverage giant and entertainment company.

Pixar Animation Studios, despite riding high on the success of summer blockbuster “Toy Story 5,” was hit particularly hard in a wave of companywide layoffs Tuesday at Disney. A Disney spokesperson confirmed that the media conglomerate is cutting several hundred jobs across certain corporate functions.