- Disney and 21st Century Fox closed their $71.3 billion deal on Wednesday morning. Disney CEO Bob Iger said that the company would “hit the ground running as soon as the deal closes.”
- That’s exactly what happened. Variety reports: “The ax fell at the film division with brutal efficiency, wiping away much of the senior leadership at Fox’s marketing, distribution, and consumer products arms. Some staffers, who had been engaging in gallows humor for weeks, burst into tears when they received the word in one-on-one meetings with human resources reps that their positions were being terminated.”
- According to The Hollywood Reporter, “it was clear that hitting the ground running means, at least initially, lots of lost jobs.”
Employee reactions: Multiple employees told The Hollywood Reporter that Disney hasn’t been candid about who will be let go and when they’ll lose their jobs.
- Some employees told THR that they were told they’d receive two weeks of pay for every year that they served with a cap at two years total in severance pay. Disney employees remain unsure about what will happen in the future.
- "We feel like we're the ones who have been acquired because the people at Fox know what their severance packages are, if they are going to get let go, and nobody at Disney knows anything. People are panicking — and rightfully so — because nobody is telling them anything,” a Disney employee told THR.
Analysts guessed that between 4,000 and 10,000 people will be let go after the Disney-Fox deal. However, other estimates suggest closer to 3,000 people will lose their jobs, THR reported.
Executives: Some executives have been in ongoing discussions about their future since the deal between Fox and Disney was first announced, according to Variety.
Rivals: Companies who are rivaling Disney and Fox have monitored the decisions, too.
- “We’ve been sitting around my desk, refreshing the articles and waiting for the next head to roll,” an unnamed executive told Variety. “It’s morbid, but these are our friends.”