Disney closes its $71B Fox acquisition deal

Mickey Mouse and CEO and chairman of The Walt Disney Company Bob Iger

As of yesterday, Disney has officially finalized its acquisition of 21st Century Fox. This deal will solidify Disney’s position in the video streaming world.

The $71 billion deal means Disney will add favorite shows “Modern Family” and “This Is Us,” as well as Marvel’s “X-Men” to its collection of entertainment assets. Disney will also become the majority owner of Hulu, and plans to invest in original content as well as expand the streaming service internationally.

Disney, who already has launched the ESPN+ streaming service, is planning to start another service called Disney+, which is expected to include all movies from Disney’s collection as well as the shows and movies acquired in the deal. Top films that are now owned by Disney include “The Shape of Water,” “Avatar,” and “Deadpool.”

While the bidding war between Comcast and Disney ended more than nine months ago, the deal just recently received all necessary regulatory approval.

Fox’s news and sports divisions have gone to a new Fox Corporation, with more than 4,000 layoffs anticipated due to the acquisition as Disney and Fox reduce their duplicate staff. Disney CEO Bob Iger says that the merging of the two companies “will be an evolution, with some businesses impacted more than others.”

“I wish I could tell you that the hardest part is behind us; that closing the deal was the finish line, rather than just the next milestone,” Iger said in a staff memo. “What lies ahead is the challenging work of uniting our businesses to create a dynamic, global entertainment company.”

 

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Lindsey Conger
Associate News Writer: Lindsey is a writer originally from Chicago but can now be found somewhere in Europe. She is driven by a passion to explore every corner of the world, spread her marketing and business knowledge, and to be able to speak Spanish fluently. Follow her on Instagram at @lindseyaconger

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Associate News Writer: Lindsey is a writer originally from Chicago but can now be found somewhere in Europe. She is driven by a passion to explore every corner of the world, spread her marketing and business knowledge, and to be able to speak Spanish fluently. Follow her on Instagram at @lindseyaconger

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