In a fierce bidding war against Comcast, Disney paid approximately $71.3 billion to acquire the majority of 21st Century Fox's assets.
The acquisition of Fox by Disney is expected to close in the first part of next year and there will be the inevitable blood bath when the consolidation and cost-cutting commences.’
In preparation for the closing, a committee of Disney and Fox employees were created to look at redundancies between the two organizations and the integration of its major systems. It is believed that thousands of jobs globally are at stake.
It was believed that Stacy Snider, 20th Century Fox Film chairman and CEO would be welcomed at the new company for their institutional knowledge and experience in the business.
However, Snider herself told show business magazine Variety that she apparently has been passed over by Disney and that she will be out of a job when the Disney-Fox merger becomes final. In the interview she said it best…
“Most of the employees at Fox have been there for decades. They’ve given most of their careers to Fox. Many of them are hanging on to see if there will be an opportunity at Disney. My job for the last year has also been chairman of human emotions and resident shoulder to cry on. There’s going to be a lot of job loss. However, and this is not to diminish the pain people will go through, but time waits for no one. This will not be the first or last consolidation the industry sees.”
There is little doubt in my mind that this will be a life-changing event for hundreds of older Fox employees who support the back-end operations and are vital to the task of running the studio in a chaotic and pressure-filled environment.
It can happen to anyone, anytime, anywhere ... are you wondering, Am I Next?