Fox employees are bracing for big changes — and at least 3,000 job cuts — as Disney begins to consolidate movie and television studio operations.
Disney’s purchase of the Fox assets — a deal that had been in the works for a year and a half —. On Wednesday, a handful of senior Fox executives trekked “over the hill” to Disney’s Burbank headquarters to report for their first day of duty. However, hundreds of others remained on Fox’s Century City lot. For many, the anticipation of the ownership change quickly melted into dread for their own futures.
More than 3,000 people, mostly at Fox, are expected to be squeezed out as Disney figures out which Fox employees it will bring aboard, according to people familiar with the situation who were not authorized to comment. Many of those jobs are in Los Angeles. Disney has not disclosed a target for job cuts. However, the company has said that it expects “at least $2 billion in cost synergies by 2021 from operating efficiencies realized through the combination of businesses.” The bulk of those efficiencies will come through workforce reductions.
Under the deal, Disney acquired the 20th Century 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. .
Rupert Murdoch and his family held onto Fox News Channel, the Fox broadcast network and Fox Sports, along with the 50-acre studio lot in Century City. The Murdoch family on TuesdayBecause Disney is absorbing businesses much like its own, there are hundreds of duplicated positions in the movie and TV studios and cable channels, including in administration, sales and distribution.
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