When Disney introduced that its deal to purchase the majority Fox’s entertainment assets for $71 billion had closed, CEO Robert Iger stated in a memo that there could be a “integration process.” Some media studies stated “thousands” of jobs would be lost as a part of this.
According to The Hollywood Reporter, the most recent spherical of layoffs got here this week. The job cuts are described as “widespread” and affecting Disney’s studios. There isn’t any phrase on what number of staffers have been affected by the cuts, which reportedly affected Disney and Fox studios.
Officially, Disney has not commented.
The new spherical of cuts come alongside the information that Disney is prone to pay round $9 billion to purchase Comcast’s stake in video streaming website Hulu. Disney already owned two-thirds of Hulu, and Disney is now shopping for the remaining share to assume total ownership of it.
THR factors out that Disney has a variety of monetary expenditures forward of it, together with additional investments into content material and programming for its Netflix rival Disney+. Not solely that, however Disney is reportedly spending round $24 billion over the subsequent 5 years to improve its theme parks and cruise traces.
As of September 30, The Walt Disney Company reportedly had greater than 201,000 workers, and this was earlier than the Fox deal closed.
As a part of Disney’s acquisition of the vast majority of Fox’s property, it will get Deadpool, X-Men, The Simpsons, Family Guy, and quite a few others, in addition to a collection of TV networks and movie studios. It is without doubt one of the greatest mergers within the historical past of the leisure enterprise.
Just after Disney’s deal to purchase Fox closed, the corporate shut down Fox 2000. The movie studio produced motion pictures like The Devil Wears Prada, The Fault in Our Stars, Man on Fire, and the Oscar nominated Hidden Figures.
Fox will dwell on in a restricted capability, with a brand new company–Fox Corporation–operating models such because the Fox News Channel, Fox Sports, and different TV networks.