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Home / Business / Layoffs at Disney are "prevalent" and affect both Disney and Fox Studios report

Layoffs at Disney are "prevalent" and affect both Disney and Fox Studios report



When Disney announced that it had completed the purchase of Fox's biggest entertainment assets for $ 71 billion, CEO Robert Iger said in a memo that there would be an "integration process". Some media reports say that "thousands" of jobs would be lost.

According to The Hollywood Reporter, the last round of layoffs came this week. The job cuts are described as "widespread" and affect Disney's studios. It is not known how many employees were affected by the cuts, which reportedly affected Disney and Fox studios.

Officially, Disney has not commented.

The new round of cuts is linked to news that Disney is likely to pay around $ 9 billion to buy Comcast's stake in the Hulu video streaming site. Disney already owns two-thirds of Hulu, and Disney now buys the remaining stake to take over all of its ownership.

THR points out that Disney faces a number of financial issues, including continued investment in content and programming for its Netflix rival Disney +. In addition, Disney is said to have spent about $ 24 billion over the next five years for the modernization of its theme parks and cruise ships.

By September 30, Walt Disney Company reportedly had more than 201

,000 employees, and this was completed before the Fox deal.

Deadpool, X-Men, The Simpsons, Family Guy, and numerous others, as well as a number of television channels and movie studios, are acquired as part of Disney's acquisition of most of Fox's assets. It is one of the biggest mergers in the history of the entertainment business.

Shortly after Disney's purchase agreement with Fox was completed, the company closed Fox 2000. The film studio produced films such as The Devil Wears Prada and The Fault in Our Stars, Man on Fire, and the Oscar-nominated Hidden Figures.

Fox will live in limited capacity with a new company – Fox Corporation – which operates units such as Fox News Channel, Fox Sports and other television stations.


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