21st Century Fox

Layoffs hit Fox following completion of Disney deal

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Just days after Walt Disney Co. officially finalized its acquisition of most of 21st Century's entertainment assets, layoffs have begun at Fox properties, The Los Angeles Times reports. Roughly 3,000 layoffs are expected.

Why it matters: This is a big shakeup amid an already tumultuous time in Hollywood. Disney purchased Fox assets — much like AT&T purchased Time Warner last year — in an effort to compete with entertainment tech giants like Netflix and Amazon.

Paul Ryan to join board of directors for newly formed Fox Corp.

In this image, Paul Ryan leans against a reflective white wall while wearing a suit and red tie.
Photo: Mark Wilson/Getty Images

Fox Corp., formed from the leftovers of Disney's acquisition of 21st Century Fox, added former House Speaker Paul Ryan to its board of directors on Tuesday, per Variety. Fox Corporation was established as a stand alone company Tuesday. The close of the 21st Century Fox and Disney transaction will happen on Wednesday.

Our thought bubble, Per CNN, Paul Ryan and Rupert Murdoch "have been friendly for many years," with Murdoch naming Ryan as a 2014 presidential candidate that he had "particular admiration for."