During Disney’s 3rd quarter earnings report, CEO Bob Iger mentioned that the acquisition of major Fox properties would call for a reshuffle in certain departments of the company. The Consumer Products and Interactive Media Segment is experiencing growing pains with this partial merger as employees as far up as VP’s were laid off on Thursday.
However, industry insiders suggest the layoffs have more to do with Disney restructuring than the Fox acquisition. Consumer Products and Interactive Media posted a decline in revenue and operating income, Disney’s only segment to report a loss in both metrics.
Additionally, Disney announced plans in March to combine its parks and resorts unit with consumer products to become “Parks, Experiences and Consumer Products.” The new segment will be run by Bob Chapek and Kevin Mayer will run a new “direct-to-consumer and international” segment, which will manage Disney’s new streaming service.
Source: Hollywood Reporter