Disney Closes Fox Deal to Create Entertainment Behemoth
Disney now official owns 21st Century Fox, making it an even bigger entertainment/media behemoth.
The Walt Disney Co. has closed its $71.3 billion acquisition of large parts of 21st Century Fox, including the film and television studios and cable networks.
Disney now owns: Twentieth Century Fox, Fox Searchlight Pictures, Fox 2000 Pictures, Fox Family, and Fox Animation; Fox’s television creative units, Twentieth Century Fox Television, FX Productions, and Fox21; FX Networks; National Geographic Partners; Fox Networks Group International; Star India; Fox's interests in Tata Sky and Endemol Shine Group; and an additional 30 percent stake in Hulu (bringing Disney's total to 60 percent).
Among the marquee franchises that Disney is set to inherit include Fox's superhero properties, such as X-Men and Deadpool, which will fall under Marvel Studios' control.
“This is an extraordinary and historic moment for us — one that will create significant long-term value for our company and our shareholders,” Disney chairman-CEO Bob Iger said in a statement on Tuesday afternoon.
“Combining Disney’s and 21st Century Fox’s wealth of creative content and proven talent creates the preeminent global entertainment company, well positioned to lead in an incredibly dynamic and transformative era.”
Meanwhile, the new Fox, which includes Fox News and the Fox broadcast network will operate as a separate company after the mega-deal closes.
Disney has promised $2 billion in cost savings from the acquisition. Some experts are predicting between 4,000-10,000 layoffs.
The deal has been in the works for more than a year, but wasn't official until various regulatory agencies around the world gave their approvals.