It has only been a couple of days since Disney took over Fox Studios in a blockbuster $71.3 billion takeover and huge changes are already on the horizon.
Reports have stated that close to 4000 people may be cut off in the upcoming months.
Fox Studios Job Cuts by Disney: Who all will face the heat?
Film team’s high executives have been hit the hardest. Those leaving include Chris Aronson, president of domestic theatrical distribution, Andrew Cripps, distribution head, Heather Phillips, domestic publicity chief, and Pam Levine, marketing head.
Aronson and Cripps have worked with the company for three decades now. Disney also plans on shutting down Elizabeth Gabler’s Fox 2000 label.
The staff received termination notices and generous termination packages on Thursday.
Vanessa Morrison, Fox Family president, Steve Gilula, Fox Searchlight co-heads, and Emma Watts, 20th Century Fox Film vice chairman are notable among those who survived the axe.
Other Planned Cuts
Disney is planning to cut at least $2 billion in cost synergies by 2021. The company intends on doing so by workforce reduction and increasing operating efficiency.
The merger seems to be the way out for Disney in gaining an edge over Netflix and other streaming services. The deal resulted in Disney gaining Fox film and television studios, channels FX and National Geographic and many international television properties.
The Murdoch Family have established a smaller company Fox Corp after the merger. It includes Fox News and Sports channels, Fox broadcast network and their 50-acre studio in Century City.