Disney and Fox set date for completion of acquisition

15 March, 2019, 05:44 | Author: Regina Silva
  • Disney and Fox set date for completion of acquisition

Disney's purchase of the Fox assets - first unveiled in December 2017 - will likely transform the Burbank company into an entertainment Goliath, towering over its traditional competitors.

It also vastly reduces the empire of media mogul Rupert Murdoch and his family, who are planning a "new Fox" that includes the USA broadcast network and the Fox News Channel.

The Walt Disney Co. said Tuesday that its $71.3 billion acquisition of Fox is set to close Wednesday, March 20.

The rest of what was 21st century Fox will become a new company simply called "Fox".

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Under the deal, Disney will pick up the 21st Century Fox Movie Studio, a controlling stake in streaming giant Hulu, and several cable channels. According to a release provided to Deadline, Disney has received the "last major approval" it needed - from regulators in Mexico's government - to finish the deal now valued at $71.3 billion.

Also part of the 21st Century Fox acquisition are its storied television creative units, Twentieth Century Fox Television, FX Productions and Fox21, which have brought The Americans, This Is Us, Modern Family, The Simpsons and so many more hit TV series to viewers across the globe. The deal is rich in global television assets, including in Latin America and India. Eastern Time on March 20, 2019. "While our base-case forecast shows that Disney could reduce leverage back to under 2x (the downside threshold for the prior 'A+' issuer credit rating) within two years, we believe Disney faces internal and external challenges that could delay that deleveraging process, resulting in adjusted leverage remaining above 2x", S&P wrote in a note.

On the film side, Fox's Emma Watts will run the 20th Century Fox studio and Fox Searchlight, the specialty division, will continue to be helmed by Stephen Gilula and Nancy Utley.

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