Two mega-entertainment deals, Disney’s $71 billion purchase of 21st Century Fox’s entertainment businesses and AT&T’S purchase of Time Warner, are putting a lot of veteran media executives on the job market. Just last week, AT&T announced the integration of the former Time Warner’s three main businesses, prompting an exodus of the top executives at HBO and Turner, while lots of lower-level folks are departing as their jobs are eliminated.
Meanwhile, Disney’s long-anticipated Fox deal is due to close next Wednesday, causing a similar spate of defections. Once the dust settles after the Disney-Fox deal, some analysts and industry watchers are expecting layoffs at the combined company to be in the thousands. These deals are a result of the disruption wrought by Netflix and Amazon in Hollywood. Plenty of new jobs are being created, of course: Netflix, in particular, is hiring steadily.