More Layoffs At Disney & Fox Studios
In an exclusive, Variety’s Brent Lang and Matt Donnelly reported that there was another shakeup at Disney – Fox.
Layoffs at Walt Disney Studios & Fox
The Walt Disney Company has enacted another round of layoffs on Wednesday. Several dozen employees at the studio and at 20th Century Fox have been let go, according to insiders. The cuts bring the total number of film staffers laid off to roughly 250 people since Disney completed its $71.3 billion acquisition of much of 21st Century Fox.
While several analysts predicted thousands would be eliminated in the acquisition, only those 250 have exited so far.
Several key executives received pink slips on Tuesday as part of a wave of cuts that impacted primarily staff in the production and visual effects departments. On the Fox side, they include head of visual effects John Kilkenny, executive VP of feature production Fred Baron, executive VP of physical production Dana Belcastro and executive VP of post-production Fred Chandler.
Fox Research Library Update
Another item from Variety’s report was also newsworthy to Disney/movie fans:
In addition to the layoffs, Disney told staffers that it will shut the Fox Research Library on or before Jan. 6, 2020. It will fold the library’s contents into its own archives. The teams at the Walt Disney Archives (founded 1970) and the Imagineering Research Library will be evaluating and handling the collection. It’s unclear if the library’s archivists will be let go.
The real impact of all the layoffs will be better understood next week.
Third Quarter Earning Report
The trims at the film studio represent a small portion of the thousands of workers being displaced across the company due to job eliminations and layoffs. Since Disney’s $71.3 billion acquisition of most of 21st Century Fox closed in March, the company has been working toward a projected target of $2 billion in merger-related synergies. It will give a status update on its progress to Wall Street next Wednesday when it reports third-quarter earnings.
Meanwhile, Variety added, “Disney has enacted three previous rounds of layoffs, which have primarily impacted Fox staffers. Severance packages have been generous. Some of the employees who are being pink-slipped will receive between a year and two years of salary.”
Which I am sure is small consolation. We’ll keep an eye out for any updates.