- The champagne corks have popped, and now it's time for cleanup: With Disney's (NYSE:DIS) takeover of Fox media (FOX, FOXA) complete, redundancies in their studio operations mean that the company will likely fire more than 3,000 people, the Los Angeles Times reports.
- Most of those firings will come from the Fox side, according to the report.
- Those layoffs could start as soon as this week, though most might not happen for months.
- “I wish I could tell you that the hardest part is behind us; that closing the deal was the finish line, rather than just the next milestone,” Disney CEO Bob Iger said in a welcome email to Fox employees.
- Disney closed on its $71.3B deal early yesterday morning, taking over Fox's film and TV studio operations along with FX Networks and National Geographic, Star India, and Fox's share of Hulu.