A lot of people will lose their jobs when Disney and 21st Century Fox finally merge.
The deal appears imminent after Comcast dropped out of the bidding war Friday. The Disney-Fox deal will happen after regulatory approval, save for Fox selling off regional sports networks.
But, according to Deadline, the deal will conclude with thousands of people losing their jobs.
In fact, sources told Deadline that as many as 5,000 people with as many as 2,300 from Fox and 1,700 from Disney will lose their jobs from the merger.
Executives within Fox and Disney will also be shuffled around, which could lead to even more layoffs, resignations and retirements, Deadline reported.
Analysts previously thought anywhere between 5,000 and 10,000 people could lose their jobs, according to Yahoo.
Analyst Rich Greenfield said the merger will cut costs and lead to more layoffs.
Disney expects over $2 billion in synergies from the Fox acquisition, with the overwhelming majority of that from cost savings meaning job cuts, analyst Rich Greenfield wrote. In order to reduce costs by upwards of $2 billion, we believe Disney will need to cut well over 5,000 jobs and the number could easily swell toward 10,000 given the high degree of overlap between the two companies around the world.
Of course, fans of superhero films have praised the merger, since it will likely bring the X-Men and Fantastic Four characters into the Marvel Cinematic Universe fold.
I previously put together a lengthy list of all the properties Disney will take on from Fox. The entities include TV shows, movies and other programming.
The deal appears imminent after Comcast dropped out of the bidding war Friday. The Disney-Fox deal will happen after regulatory approval, save for Fox selling off regional sports networks.
But, according to Deadline, the deal will conclude with thousands of people losing their jobs.
In fact, sources told Deadline that as many as 5,000 people with as many as 2,300 from Fox and 1,700 from Disney will lose their jobs from the merger.
Executives within Fox and Disney will also be shuffled around, which could lead to even more layoffs, resignations and retirements, Deadline reported.
Analysts previously thought anywhere between 5,000 and 10,000 people could lose their jobs, according to Yahoo.
Analyst Rich Greenfield said the merger will cut costs and lead to more layoffs.
Disney expects over $2 billion in synergies from the Fox acquisition, with the overwhelming majority of that from cost savings meaning job cuts, analyst Rich Greenfield wrote. In order to reduce costs by upwards of $2 billion, we believe Disney will need to cut well over 5,000 jobs and the number could easily swell toward 10,000 given the high degree of overlap between the two companies around the world.
Of course, fans of superhero films have praised the merger, since it will likely bring the X-Men and Fantastic Four characters into the Marvel Cinematic Universe fold.
I previously put together a lengthy list of all the properties Disney will take on from Fox. The entities include TV shows, movies and other programming.
