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Lachlan Murdoch, head of the slimmed-down Fox Corporation, on Thursday addressed the troops, stressing to employees that all of them will be owners of the new company that is made up of the assets that The Walt Disney Co. did not acquire for about $71 billion.
Employees with a decade or less of service are set to receive $1,000 in Fox stock, the chairman and CEO said, while those with 10 to 20 years will get $2,000 and those with more than 20 years will get $3,000, people who attended the meeting told The Hollywood Reporter.
“You’re all owners,” Murdoch told attendees.
Murdoch “detailed the strengths and successes of each of the core businesses,” said one attendee, including Fox News and the television network, specifically noting TV shows like Last Man Standing, 9-1-1, The Simpsons and Empire, along with live sports like the NFL.
The meeting began with a sizzle reel that featured Fox through the years and Murdoch also praised his father, Fox chairman Rupert Murdoch, as a “catalyst for change.”
The younger Murdoch also referred to Fox as a “startup” company that is well-funded and will be “fun” to work for.
Layoffs were not mentioned, and some attendees saw that as a sign that the carnage, if there is to be any, will be much less than what is expected at Disney. Some at 20th Century Fox have already been notified that they’ll be losing their jobs, including president of distribution Chris Aronson.
“Lachlan spoke about the next chapter, thanked his father and inspired employees with a vision for the future of the business and a culture of collaboration and an ownership mentality,” said one senior executive.
The exec added that Murdoch’s message was “well-received by employees.”
The Disney-Fox deal officially closed at two minutes past midnight ET on Wednesday, when Disney acquired Fox’s TV and film studio, FX Networks, National Geographic, Star India, its 30 percent stake in Hulu (giving Disney 60 percent of the streamer) and more.
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