Disney's $71.3 billion acquisition of News Corp.’s 21st Century Fox film assets will make it the most powerful movie studio ever, but it's also causing a lot of people to lose their jobs.
Per The Hollywood Reporter, "analysts say that by the time the dust settles, 4,000 of the jobs the conglomerate provides could be lost. Disney-skeptic analyst Rich Greenfield of BTIG even put the number at 5,000 to 10,000 over a longer time frame."
Fox's film president of domestic distribution, Chris Aronson, along with Andrew Cripps, who handles international distribution for the studio, were both notified that they will be let go after 60 days. THR goes on to say that some Fox employees will stay on during the transition, which could last anywhere from three to six months.
Fox 2000, the home for Oscar-nominated films like The Devil Wears Prada and Hidden Figures, is another casualty of the merger. THR reports that even with the label's closing, Disney does intend to complete its upcoming roster of films: The Art of Racing in the Rain, starring Kevin Costner, and The Woman in the Window, starring Amy Adams and Gary Oldman.
Disney's procurement also includes Fox's TV division, "FX and National Geographic cable channels, Star India, and 30 percent of Hulu," according to THR. Disney's chairman and CEO, Bob Iger, said the merger will "create significant long-term value for our company and our shareholders."
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