More than 3,000 people, mostly at Fox, are expected to lose jobs following the studio’s sale to Disney
Two days after completing itsof the legendary Fox studio, Walt Disney Co. began laying off senior-level executives in an effort to wring savings from the $71.3-billion deal.
“It has been an honor and a privilege to lead the domestic distribution team, which I consider to be the gold standard in the business,” Aronson said in a statement. “While I am disappointed not to continue, I look forward to starting a new chapter in this business during this exciting time of change.”As part of the integration, Disney will close down the Fox 2000 label run by Elizabeth Gabler.
Deep cuts were widely expected at departments including distribution, home video and marketing, areas where Disney and Fox have considerable overlap. Although some Fox executives are joining Disney, several others won’t be, including 20th Century Fox Film Chairman Stacey Snider. She is considered a candidate to replace Kevin Tsujihara, the former Warner Bros. boss who resigned this week.
Under the deal, Disney acquired the Fox film and television studios, cable channels FX and National Geographic, and a portfolio of international television properties, including Star India. Disney also assumed Fox’s 30% ownership interest in Hulu, giving Disney 60% of the streaming service. “It will take some time to reach our future fully integrated state,” they said. “Day-to-day, our top priorities remain the same: to support the great content we’re creating and deliver a superb experience to our consumers, and to continue to build an inspiring, inclusive environment where employees can bring their best to work every day.”With the announcement that the Disney-Fox deal is officially complete, we begin an exciting new chapter in the history of both our companies and the industry.
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