I hear the terminations are affecting employees related to TV ad sales in New York. I hear the impacted executives work for the former Fox Networks Group division of 21st Century Fox, a large part of which moved to Disney as part of the acquisition.
I hear individual meetings are happening today with the higher-level executives; lower-level staffers are expected to be notified tomorrow.
I hear some of the affected people are getting severance packages and will be leaving immediately, some are getting job offers from Disney, and a few have been given short-term extensions.
I’ve learned that among those that have been let go is Michael Teicher, EVP Media Sales for Twentieth Television, which was part of FNG. He had been at the studio for six years. I hear the list of those served with severances include a number of long-time Fox employees, many at the VP and Director level.
I’ve also learned that Mike Denby, SVP Ad Sales at Fox Networks Group, and fellow FNG SVP Ad Sales Robin D’Elia received offers to stay on.
The first wave of TV layoffs immediately after the Disney-Fox deal closed last month was primarily in the area of distribution, which always is vulnerable in consolidation. Mark Kaner, President of 20th Century Fox Television Distribution, a stand-alone division at Fox, and Greg Meidel, president of syndication division Twentieth Television, were the most notable departures.
While virtually all post-merger layoffs so far have been on the Fox side (film and TV), some cuts on the Disney side also are expected down the road as both Fox and Disney execs will be considered for positions.
Disney CEO Bob Iger has said the acquisition will result in $2 billion in cost savings, which analysts have translated to more than 4,000 layoffs.
The now defunct Fox Networks Group consisted of the Fox Television Group, which was split into two, with the Fox broadcast network staying at the new Fox and 20th Century Fox TV going to Disney; Nat Geo, FX Networks and international units, which went to Disney; and the regional sports networks, which are in the process of being divested.