The much-discussed merger between the Walt Disney Company and 21st Century Fox, which was officially finalized yesterday, will mean changes across the broad landscape of media produced by both companies. However, its effects will perhaps be felt most deeply by those who were employed by Disney or Fox at the time that the deal closed.
Disney CEO Bob Iger had those employees in mind when he sent out a lengthy memo last night, according to Variety. While his tone in the message, titled "A Historic Day for Our Company," was mostly celebratory, he also took care to note that there would be challenges ahead and that staffers of all kinds would be affected.
A chief concern for employees after the merger will be the job cuts, estimated in the thousands, which come as a consequence of the acquisition of Fox by Disney. Iger may have been referencing this when he wrote, "Having been on both sides of numerous acquisitions during my career, I have deep appreciation for how this one impacts everyone involved, on both a personal and professional level. I understand the challenges, and I ask for your continued patience in the days to come as we combine this collection of great assets to create the world’s premier entertainment company."
Disney has been in talks to acquire Fox since as early as December 2017. The transaction that finally sealed the deal was a record sum of $71.3 billion.
"As you know, Disney has never been short on ambition," Iger said in the memo. "We’ve never been satisfied with the status quo, and our vision for this transformative era is our boldest yet."