Peter Rice, president of 21st Century Fox and Chairman/CEO of Fox Network group has a much larger group and different circumstances going on at his town hall as some are staying and some are going to Disney. Fox’s film side has a little more than than 3,000 employees. Deadline sister publication Variety reports that Rice told employees in his town hall meeting that Disney will leave the Century City lot for the next seven years as part of the pending merger.
However, a fear pervades on the lot. Since the news hit, we hear that the company morale on the Fox Pico Blvd. isn’t just scared, but sad and defeated, especially on the film side.
“It’s clear to me now that the split off from New Corp and then the subsequent buyouts of executives two years ago was all in preparation for this. It’s a really sad day for those of us who love Fox so much and have given this company our all. We know that they are going to maintain the real estate but we all feel like we’re going to get buyouts or told that our services are no longer needed as there are overlaps everywhere,” worried one longtime executive on the Fox lot.
“There is so much overlap,” said the source in regards to the duplication of distribution, marketing, and international departments between Disney and Fox. Disney’s international ops is the best in the biz, last year clearing $4.6 billion which took them to an industry global record of $7.6 billion. Already at the end of November, Disney has crossed $5 billion worldwide. “Things will be the same until they’re not but we aren’t being told anything.”
“We had a feeling something like this was coming,” said another exec.”There had been whispers. No one knows anything right now and it’s not a good place to be in, that feeling, you know?”
“They don’t have an indie division so everyone is hoping that they will just absorb us in,” said one Fox Searchlight insider. In fact, one specialty exhibition film buyer told Deadline that they hope Disney keeps Searchlight separate, much in the same way that Sony keeps Sony Classics separate: Disney is good when it comes to executing four-quad event films, however, it takes a patience and knowledge when it comes to maximizing a platform indie release.
20th Century Fox Town Hall Post Disney Merger: Film Side In Uncertainty & Fear | Deadline