Disney 21St Century Fox Merger Agreement

“This is an extraordinary and historic moment for us – a moment that will create significant long-term value for our company and our shareholders,” said Robert A. Iger, President and CEO of Walt Disney Company. “The combination of Disney and 21st Century Fox`s wealth of creative content and proven talent creates the world`s excellent entertainment company, well positioned to lead in an incredibly dynamic and transformative era.” On March 4, the Walt Disney Company pinched Robert Iger`s compensation package that it would receive after the Disney-Fox agreement and withdrew $13.5 million in potential salary and incentive bonuses for the Chairman of the Board of Directors after the company completed the purchase of the assets of 21st Century Fox Inc. [69] A : Because it is a so-called “horizontal” merger, which combines similar functions in several entities of the two companies, unlike a “vertical” merger between different partners such as AT-T and Time Warner, significant job losses are expected. Disney has not proposed its own forecasts, other than forecasting savings of about $2 billion by 2021. Most Wall Street and industry analysts expect thousands of jobs to be eliminated due to overlapping sales, marketing and a number of other disciplines. Given The total number of about 200,000 Disney worldwide, the loss will represent only a small fraction of the total, but many leavers will have high-level experience. The transformation of the entertainment landscape that led to the merger could also represent a longer transition period for many of the veterans involved. On March 2, 2019, it was announced that Disney would close Fox 2000 Pictures in 2020, following the release of The Woman in the Window. [79] On the same day, it was reported that up to 4,000 people would lose their jobs when Disney lay off after the merger. Among the senior managers, who were dismissed two to six months after their dismissal, include 20th Century Fox Film President of Domestic Distribution Chris Aronson, President of Marketing Worldwide Pamela Levine, Co-President of Marketing Kevin Campbell, Chief Content Officer Tony Sella, International President Distribution Andrew Cripps, Executive Vice President of Corporate Communications Dan Berger, Executive Vice President of Legal Affairs and Executive Vice President of Fox Stage Productions Bob Cohen and Executive Vice President of Public Affairs , 20th President of Television, Greg Meidel, and Fox Consumer Products Chief Jim Fielding. [80] Fox`s Film Division layoffs lasted from March, May,[81] June,[82] and last in August 2019. [83] [84] As of July 31, 2019, the layoff amounted to 250, with several dozen employees in the production and visual effects divisions with senior Fox executives in this executive group VP of Feature Production Baron Fred, executive VP of Physical Production Dana Belrocast , Executive VP of Post-Production Fred Chandler and John Kilkenny Visual Effects were dismissed.

[85] On March 20, 2019, The Walt Disney Company (NYSE:DIS) and Twenty-First Century Fox, Inc. (“21CF”) (NASDAQ: TFCFA, TFCF) announced that Disney`s acquisition of 21CF was effective. As part of the merger agreement, much of the media attention surrounding the merger focused on how Disney`s Marvel Studios will once again have access to the characters X-Men and Fantastic Four, whose rights were sold to 20th Century Fox in the 1990s, when Marvel (which was not owned by Disney at the time) was in financial trouble. On October 8, 2018, Disney announced that 21st Century Fox executives, including Peter Rice, Gary Knell, John Landgraf and Dana Walden, would join the company.

Posted on: April 9, 2021, by : greyson