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Disney Interactive Cuts 700

NYTimes.com has details on massive cuts at Disney Interactive, saying about 700 employees today were cut today, which represents about a quarter of the workforce at Disney's game and Internet division. Word is this is part of a refocus that will involve the release of fewer games and a concentration on outside development. "We’re not exiting any businesses, and we will pursue licensing partnerships in which we retain a lot of creative input," says James A. Pitaro, president of Disney Interactive. "But this is a doubling down on mobile and an effort to focus much more intently on a core set of priorities." The article also notes the move seems an admission that Disney's purchase of Playdom in 2010 was a waste of more than a half-billion dollars. Thanks Neutronbeam.

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