Disney completes historic $71bn takeover of Fox

Disney has completed its historic takeover of 21st Century Fox, creating an entertainment behemoth of unprecedented scale.

The Walt Disney Company closed its 71.3 billion US Dollar (€62.8bn)  acquisition at 12.02am Eastern Time on Wednesday, expanding its media portfolio ahead of the launch of its streaming service later this year.

The mega-deal sees Disney absorbing the Fox film and TV studios, the FX networks, National Geographic and Indian TV giant Star India.

Walt Disney CEO Robert Iger with Mickey Mouse. Iger is celebrating following his company’s purchase of 21st Century Fox (Andrew Parsons/PA)

Some of Fox’s other properties, including its news and sports businesses, have been spun off into the newly formed Fox Corporation.

Disney also doubled their 30% stake in streaming service Hulu, making it by far the biggest stakeholder.

Disney plans to launch its rival to Netflix later this year.

Before the takeover, it already boasted a fearsome catalogue of content, including its classic cartoons, Star Wars and many of the Marvel characters.

After purchasing Fox, it will be able to add the likes of X-Men and Deadpool to its portfolio.

Marvel’s Avengers are among the globally popular franchises owned by Disney (Ted Hennessy/PA)

In a statement, Robert Iger, chairman and chief executive officer of The Walt Disney Company, hailed the move.

He said: “This is an extraordinary and historic moment for us – one that will create significant long-term value for our company and our shareholders.

“Combining Disney’s and 21st Century Fox’s wealth of creative content and proven talent creates the preeminent global entertainment company, well positioned to lead in an incredibly dynamic and transformative era.”

The move instantly cut the number of major Hollywood studios, ending the era of the Big Six. Warner Bros, Universal, Sony Pictures and Paramount Pictures now make up the Big Five with Disney.

And it cast major doubt over the jobs of potentially thousands of workers, with experts predicting as many as 4,000 positions could be cut.

Rupert Murdoch, the billionaire former owner of executive co-chairman of 21st Century Fox, wrote a letter to employees two days before the takeover was finalised, thanking them for their work.

- Press Association

More on this topic

Oritse Williams’ manager tells court he touched woman during alleged rape

Sustainable Leaders: Energia understand technology key to sustainability

Kerry Airport sees growth in passenger numbers

Man speaking publicly about contaminated blood infection ‘a major decision’

More in this Section

Geri Horner gives sneak peek of Spice Girls tour before it kicks off

Ariana Grande’s new-look waxwork unveiled by Madame Tussauds

Sophie Turner on ‘disrespectful’ petition over Game Of Thrones’ final season

Downton Abbey’s back: Fans get a glimpse of the cast in movie poster


Lifestyle

Ask a counsellor: ‘I’m pregnant – should I tell my fiancé I’m not totally sure he’s the father?’

Stylish salvage: Make your home street smart with reclaimed and recycled materials

More From The Irish Examiner