Disney Acquires Fox
In a historic $71.3 billion deal, Disney has acquired a range of film and TV assets including the Fox film and TV studio, cable powerhouse FX Networks, National Geographic, international assets like Star India and a 30 percent stake in Hulu.
The deal represents a significant bet on streaming. Fox came out from the deal as a streamlined company focusing on live news and sports — it will maintain the Fox network, Fox News Channel and Fox Business Network, as well as sports networks FS1, FS2 and Big Ten Network, and its 28 local TV stations.
However, Avatar, X-Men, “Deadpool and other Fox franchises will now stand at the same level alongside with Marvel characters, Star Wars and Pixar animated creations.
Disney CEO Bob Iger called the deal “an extraordinary and historic moment for us.”
“This is an extraordinary and historic moment for us—one that will create significant long-term value for our company and our shareholders,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. “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.”
Disney is also acquiring approximately $19.8 billion of cash and assuming approximately $19.2 billion of debt of 21st Century Fox in the acquisition.
By: Maytinee Kramer
