Devil Mouse to cut up to 10,000 jobs

Disney appears to be a lot more likely to shut down Marvel Comics than anyone likely believes. They’ve already shut down Fox 2000, which produced more revenue from a single movie release than comic sales ever could:

Disney still hasn’t disclosed an official number of jobs they plan to cut. Analysts estimate 4,000-10,000, though several employees say the number being floated among people in the know is closer to 3,000….

One employee on the TV side told THR how disheartened the television employees were at witnessing the carnage in film, but later the ax began to fall there, as well, with 20th Television president Greg Meidel let go.

Disney also laid off Fox Consumer Products boss Jim Fielding, and sources say that of about 50 U.S.-based staffers in that division, five have received pink slips. “I’ve never seen anything like this — from any company,” says a Fox employee who witnessed Thursday’s drama.

Disney has said all along that it intends, due to the merger, to save $2 billion annually by 2021, and such rhetoric usually means jobs will be lost. “This is what happens in mergers,” explains Northlake Capital Management founder Steven Birenberg. “It’s partially the point, as cost savings boost the financials.”

It’s possible that the cost savings will be limited to the Fox acquisition, but in light of the multi-year decline in Marvel revenues combined with the budget imperative, it wouldn’t exactly be shocking to see them shut down the production and pursue a licensing strategy.

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