Disney Buys Majority Of 21st Century Fox for $68.3bn
The Walt Disney Company has bought most of the assets of Rupert Murdoch owned 21st Century Fox, with the deal worth around $68.3bn ($US52.4bn).
This means Disney will own Twentieth Century Fox, Fox Searchlight Pictures, Fox 2000, Twentieth Century Fox Television, FX Productions and Fox21. Disney will also acquire FX Networks, National Geographic Partners, Fox Sports Regional Networks, Fox Networks Group International, Star India and Fox’s interests in Hulu, Sky plc, Tata Sky and Endemol Shine Group.
Disney is planning to release its own streaming service in 2019 with this move meaning Disney will be a strong competitor with other streaming sites such as Netflix and Amazon Prime. This means all marvel content will be pulled off other streaming services and be exclusively available on Disney’s streaming platform.
Robert A Iger, CEO at The Walt Disney Company says, “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.
“We are honoured 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.”
Rupert Murdoch, Executive Chairman of 21st Century Fox says, “We are extremely proud of all that we have built at 21st Century Fox, and I firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace in what is an exciting and dynamic industry.
“Furthermore, I’m convinced that this combination, under Bob Iger’s leadership, will be one of the greatest companies in the world. I’m grateful and encouraged that Bob has agreed to stay on, and is committed to succeeding with a combined team that is second to none.”
At the request of both 21st Century Fox and the Disney Board of Directors, Mr. Iger has agreed to continue as Chairman and Chief Executive Officer of The Walt Disney Company through the end of calendar year 2021.