Following on from 21st Century Fox’s statement yesterday, The Walt Disney Company has now officially announced that it has completed its $71.3 billion takeover of Fox’s film and TV assets.
“This is an extraordinary and historic moment for us—one that will create significant long-term value for our company and our shareholders,” said Bob 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.”
The acquisition includes 21st Century Fox’s renowned film production businesses, including 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; and Fox’s interests in Hulu, Tata Sky and Endemol Shine Group.
Disney is preparing to enter the streaming market to take on Neftlix and company with its new Disney+ service, and with this Fox acquisition, the House of Mouse now receives a major boost to its catalogue of content, including the rights to all previous Fox movie and TV offerings.
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The deal also brings an end to Hollywood’s ‘Big Six’, with Disney, Warner Bros., Universal Pictures, Sony Pictures and Paramount Pictures now making up a ‘Big Five’. Unfortunately, it also places as many as 4000 jobs at risk as the two studios come together to form one gigantic media conglomerate.
