Posted Tue Mar 12, 2019 at 10:30 AM PDT by Steven Cohen
The massive merger will finally go into effect later this month.
After over a year of customary reviews and regulatory processes, Disney is now set to officially complete its acquisition of 21st Century Fox. The $71.3 billion deal is scheduled to become effective at 12:02 a.m. Eastern Time on March 20, 2019.
The acquisition initially carried a $52.4 billion price tag but Disney was forced to increase its offer for Fox after a competing bid was made from Comcast. The purchase includes Twentieth Century Fox Film and Television studios, along with cable and international TV properties. With that said, the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2, and Big Ten Network will be separated into a new company and will not be part of the agreement.
As a result of the deal, Disney will now add Fox's many film and TV properties, including Avatar, The Simpsons, FX Networks, and National Geographic to its own portfolio. Likewise, the agreement will finally let Fox's Marvel film/TV franchises enter Disney's MCU, including the X-Men, Deadpool, and The Fantastic Four -- allowing Wolverine and The Human Torch to pal around with The Avengers on the big screen for the first time.
In addition, Disney is also receiving 21st Century Fox's investment in Hulu, giving them the majority stake in the streaming platform. Meanwhile, Disney is also set to launch its own separate streaming service, dubbed Disney+, later this year.
"The acquisition of this stellar collection of businesses from 21st Century Fox reflects the increasing consumer demand for a rich diversity of entertainment experiences that are more compelling, accessible and convenient than ever before," said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. "We're honored and grateful that Rupert Murdoch has entrusted us with the future of businesses he spent a lifetime building, and we're excited about this extraordinary opportunity to significantly increase our portfolio of well-loved franchises and branded content to greatly enhance our growing direct-to-consumer offerings. The deal will also substantially expand our international reach, allowing us to offer world-class storytelling and innovative distribution platforms to more consumers in key markets around the world."
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