Fox Preparing For Massive Layoffs As Completion Of Disney Deal Nears
For months, Disney chased after the acquisition of the film and TV assets of 21st Century Fox, eventually winning out over Comcast. The combination of the two companies is something that will revolutionize the world of entertainment — but there are additional costs that are yet to be borne out. Numerous layoffs are expected to come about because of this deal between Disney and Fox, with particular figures related to job losses yet to be released.
Over the course of the last year, there has been quite a bit of confusion as to which media conglomerate would actually take control of the set of properties previously held by Fox. Eventually, Disney won out with a bid of $71.3 billion. The bid was accepted and led to a union that deepens the content library of “The Mouse” to an even greater degree than previous.
Many employees left Fox after the sale was announced — even though it wasn’t going to be completed for quite some time. As reported by Variety, many of those staffers have already found employment with Netflix and Viacom among others, but those opportunities are sure to be limited in scope.
For those who are still with the company, they are likely well aware that the time in their current positions is perhaps limited — and could soon come to a complete end.
As Disney deal looms, Fox staffers brace for brutal layoffs https://t.co/c2hfshpAmn pic.twitter.com/CWnLpgtI9E
— Variety (@Variety) October 9, 2018
One senior employee at Fox said that all employees were “working blind” as of right now. Another believes that life on the Century City lot is figuratively similar to sitting on death row. Employees know that the end is coming, but they’re simply working for the time that they do have left.
The deal between Disney and Fox is expected to officially close in January, and Disney CEO Bob Iger has kept rather quiet about how things will move forward following the finalization of the agreement. Some filmmakers and associated staff have already heard from Iger — and have been given assurance that all is well for them in the future.
Iger has not made it clear how Disney plans to handle the film and TV libraries from Fox, or details as to how Disney will handle future film properties. There are so many opportunities and possibilities for what Disney can do with said libraries — one popular sentiment amongst fans being the potential to merge the Marvel Cinematic Universe and Fox’s Marvel properties.
Unfortunately, this deal is going to come with a lot of casualties and will almost certainly lead to numerous Fox employees ending up without a job. One top film-packaging agent even told Variety that “there’s going to be a lot of people out on the street.”
20th Century Fox vice chairperson Emma Watts and Fox 2000 president Elizabeth Gabler are expected to have positions with Disney, should they choose to accept them.
