The Walt Disney Company has announced a blockbuster deal to acquire a large piece of 21st Century Fox.
The deal, which is worth about $52 billion, was confirmed early this morning and will be subject to the regulatory process. Disney’s largest acquisition ever will include Fox’s film and TV studio, the National Geographic and FX cable channels, regional sports networks and a 30 percent stake in Hulu. FOX will retain control of FOX News Channel, FOX Business Network and FOX Sports.
Disney chairman and CEO Robert Iger,who had been set to leave the position in 2019, now says he’ll stay until 2021. Meanwhile, 66, has been set to exit his post in 2019, but amid the deal, he has extended his contract through 2021. FOX Chairman Rupert Murdoch is expected to take on a senior Disney executive role. (USA Today)
- Disney wants to start its own streaming service and compete with Netflix. The addition of FOX’s catalog should let them do that.
- Once the deal goes through, Disney will own franchises like The Simpsons, The X-Files and comic book characters like the X-Men and Fantastic Four.
- Robert Iger had been rumored to be exploring a possible run for president in 2020, but he insisted today on Good Morning America that he will stay at Disney until the end of 2021, “so do the math.”