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With WWE, Animation & Fewer Pilots, Fox Entertainment Is Suddenly Well Suited To Weather COVID-19 Shutdown

Over the past two weeks, Disney and Fox Corporation both issued warnings of “adverse impact” from the coronavirus pandemic on their business. Both companies also sold debt securities, raising $6 billion and $1.2 billion, respectively.

Disney, which combines the company’s legacy assets with those acquired in the $71.3 billion Fox acquisition, this week sent an internal memo announcing companywide pay cuts for all executives VP and above.

Meanwhile, Fox Corp., comprised of the assets left behind in the merger, two weeks ago sent an internal memo informing employees the company would be covering everyone’s medical insurance premiums for the next six months. “Your health and safety are our priority during this challenging time,” CFO John Nallen wrote in the memo. “We will continue to look for ways to ease the stress and inconvenience that these circumstances have brought to our daily lives.”

While the sports networks under the Fox Corp. umbrella have been significantly impacted by the suspension of almost all live sports, Fox Entertainment and Fox News have seen their ratings rise, boosted by increased TV viewing as millions of Americans stay at home to help slow the spread of the virus.

Fox News had its highest rated quarter ever in Q1. But’ the cable news network’s role during the pandemic has been widely criticized for underplaying the dangers of the coronavirus early on and for politicizing the outbreak.

Fox

Meanwhile, Fox Entertainment organized the

Article source: https://deadline.com/2020/04/fox-entertainment-suddenly-well-suited-weather-covid-19-shutdown-wwe-animation-fewer-pilots-1202897342/

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