John Raoux, AP
Toy Story Land is part of Disney's Hollywood Studios at Walt Disney World in Lake Buena Vista, Florida.

SALT LAKE CITY — Fox and Disney will close their deal at the beginning of the new year.

Fox will be ready to move forward with its pending deal with Walt Disney Company Jan. 1, according to Variety.

  • Peter Rice, the 21st Century Fox president, told staffers at an event in Los Angeles that the deal is still on track and will close out in the first half of 2019.
  • The restructure of Fox will happen Jan. 1, he said.

Rice said the merger will lead to employee layoffs. According to Deadline, Rice said Disney will absorb all Disney contracts but the new Fox brand will have the first chance to hire the employees.

  • They could be hired by Disney.
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  • If they say no to that, then they are entitled to severance packages, too.
  • Disney CEO Bob Iger said Disney will embrace the Fox culture.
  • “It’s fundamentally creative. It’s not a cable company, not a phone company, it has creativity at its core,” he said.
  • Back in July, I reported the Disney-Fox merger could lead to close to 10,000 layoffs.