Disney says 'Toy Story' and 'Frozen' sequels in the works

Two of Disney's most successful animated film franchises will be getting another sequel.

CEO Bob Iger said fans can expect new "Toy Story" and "Frozen" movies.

The original "Toy Story" was released in 1995. It featured Tom Hanks as "Woody" and Tim Allen as "Buzz Lightyear." The latest installment in the series was "Toy Story 4," which was released in 2019. It won the Academy Award for best animated feature in 2020 and grossed over $1 billion.

The next "Frozen" film will be the third in the franchise. The first two films grossed over $1 billion each. The original "Frozen" movie also earned the Academy Award for best animated feature.

A date for the new releases has not been released.

The movie announcements come as Disney undergoes a "strategic transformation" that includes making 7,000 job cuts.

"We are going to [take] a really hard look at everything we make," Iger said.

Disney will try to reduce its non-sports content costs annually by about $3 billion.

"Things in a more competitive world have simply gotten more expensive," Iger stated.