As the newly minted Disney staffers drove to work they were educated who owns the famous Fox Studios Lot of Century City as they were greeted with a sizable Welcome To Fox, banner splashed at the principal entrances. That’s a case of a few fantastic old game and ribs on behalf of the Murdoch who kept the prized real estate, said to be worth north of $1.5 billion, at the portfolio of the slimmed-down Fox, while leasing a big chunk of the property at Disney for the next 7-10 years.
Nearly all Disneyfied Fox workers are staying put in their present Century City digs with a few of the top executives, such as Peter Rice and Dana Walden, and also the newly brought in Craig Hunegs, who are overseeing Television branches on each side of the merged entities, dividing their time between offices in Fox and on the Disney lot in Burbank. In addition, Disney Chief executive officer Bob Iger is likely to also have a workplace and existence in Century City. From the Historic Day Our Company, Memo Iger, sent out overnight to existing and new employees after the close of the Disney Fox deal, he shared his excitement over finally completing the transition and his big plans for the future.
In addition, he talked of the hard work of uniting our businesses and promised that the organization is committed to moving like soon as possible to give clarity, on the pending layoffs, believed to be as numerous 4, 000 across the two areas of the joint company. The memo reveals the mixed emotions among Disney employees today: relief the protracted merger event is finally over, some greeted each other with Joyful merger, this morning, cautious optimism about the prospects of the newly bulked-up Disney contrary to the likes of Netflix, Amazon, and Apple, and retention on the fallout from the integration process.
The uncertainty surrounding the job prospects of workers from the merging companies, particularly in areas that are expected to be affected, like distribution and corporate was generating a lot of anxiety as the Disney Fox deal was first announced in late 2017. According to the Disney Transition Guide, distributed by HR to Fox transplants this morning, the staff reductions related to the merger are expected to be finished inside the next year. In addition, for the Fox workers not currently blocked in contracts, their compensation isn’t going to be brought down to Disney criteria right away. As we previously mentioned, Fox’s Television executives are paid at least 20% over their Disney counterparts. Disney is famous for its lower base wages, though the company is thought to be making up for that with compensation packages that have stock and bonuses. Per the guidelines issued today, the newest Disney employees are not to get less favorable, salary and bonuses than what they had at Fox during December 2020.