Disney Buys 21st Century Fox
By Faith Magbanua, December 17, 2017 00:12 AM
With a whopping sum of $52.4 billion, 21st Century Fox has been officially bought by Disney this Thursday on what was considered to be an all-stock transaction. In addition to that, the contract will also include a number of Fox's assets including FX, National Geographic and Fox's stakes in Hulu.
As part of this announcement, Bob Iger has extended his contract with Disney as its chairman and CEO through 2021. Certain Fox assets including Fox Broadcasting Co., Fox Sports and Fox Television Stations, as well as the 20th Century Fox lot in Los Angeles, will spin off into a new company.
"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," Iger said in a statement.
"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 transaction will also significantly expand our international reach, allowing us to offer world-class storytelling and innovative distribution platforms to more consumers in key markets around the world."
According to 21st Century Fox's chairman, Rupert Murdoch, he said "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."
However, the deal still needs to go through the Justice Department and antitrust regulators, which recently shut down a deal between AT&T and Time Warner. But should this transaction push through, it would certainly mark an historic shift for Hollywood and the media landscape as a whole.
For starters, Disney already owns Marvel Studios and Lucasfilm, as well as assets like ESPN. Under this deal, Disney will obtain all the rights to Marvel characters such as the X-Men and Deadpool, as well as famous franchises like Avatar, Planet of the Apes and Die Hard.
Further details of the deal have not been detailed, but it is expected to be revealed in the coming weeks.
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