Reportedly, pink slips have been issued to 60 employees of Disney and Fox marking it the 5th round of layoffs including high-rank executives Greg Drebin, and Jennifer Chai of 20th Century Fox Home Entertainment since the merger.
Disney completed its $71 billion acquisition of Fox’s entertainment assets earlier this year. As soon as the merger was completed, it was no surprise that Disney issues pink slips to employees including Chris Aronson, president of domestic distribution at Fox Film, and Andrew Cripps, president of international distribution. The second round hit in May, followed by a third round of layoff in June affecting employees both at Disney and Fox Entertainment.
Disney plans to cut $2 billion in cost synergies from the merger by 2021, primarily by layoffs. Around, 300 employees have been issued pink slips till date, and the numbers are expected to range from 3000 to 4000, as per reports.
Dow 30 Component, The Walt Disney Company (DIS), and its subsidiaries is a diversified worldwide entertainment company that operates in four business segments: Studio Entertainment, Media Networks, Parks and Resorts, and Consumer Products & Interactive Media. To learn more about this Dow 30 Component, The Walt Disney Company (DIS), and to continue to track its progress please visit the Vista Partners Walt Disney Company, Coverage Page.
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