Disney to Acquire Some Assets of Fox for $52.4 Billion
14 December, 2017, 14:28 | Author: Regina Silva
"We're going to launch big, and we're going to launch hot", Mr. Iger said in September when announcing Disney's streaming strategy.
Disney would pay as much as $29 a share for Fox assets including the Twentieth Century Fox movie and TV studio, cable networks including regional sports networks, and key worldwide assets, they said.
Fox is expected to keep its news divisions including Fox News and Fox Business, as well as its broadcast network and the local stations it owns and the cable channel Fox Sports.
It's going to be an quake for show business in Los Angeles. That is what we tried to do and we are no longer engaged in the review of those assets. So far Disney has been reported as the main suitor, with several reports suggesting a deal could be announced this week.
Disney and Fox's agreement comes after NBC Universal parent Comcast abandoned its own bid late Monday, amid reports that Fox had seen Disney as a better strategic fit.
The Murdochs will be in control of what's left of Fox.
Disney Chief Executive Officer Bob Iger will remain at the company through 2021.
"We're 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 worldwide reach, allowing us to offer world-class storytelling and innovative distribution platforms to more consumers in key markets around the world".
X Disney will pay $52.4 billion in stock as well as assume $13.7 billion in debt to buy 21st Century Fox.
Mr Murdoch's shift to selling assets rather than buying them has come as a surprise to those who expected him to hand over the businesses to his sons, James and Lachlan. One of the services would provide film and television entertainment, while the other would feature sports, including Disney's ESPN service.
For Iger, who previously acquired Pixar, Lucasfilm and Marvel, this is the biggest deal ever, and it is created to widen Disney's lead as the biggest content company. The Disney deal paves the way for it to take over the UK-based European broadcaster.
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