Disney to Acquire 21st Century Fox for $52.4 Billion in Stock

14 December, 2017, 16:02 | Author: Gary Shelton
  • Kenneth Branagh appears in “Murder in the Orient Express,” a new Fox movie. That film and other properties could become part of Disney’s media empire in a $52.4 billion deal

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.

Media mogul Rupert Murdoch, who is executive chairman of Fox, said the deal will "unlock even more value" for shareholders.

Disney explained that the transaction will include Fox's film and television studios, cable entertainment networks and worldwide TV businesses. The company also gains a controlling stake in Hulu.

And Disney is launching new streaming services, which could be helped with the addition of the Fox assets. It is expected to be an all-stock transaction and Disney would assume some Fox debt.

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"This gives us the ability to marry the great content of Fox with the great content of Disney", Iger said on Good Morning America Thursday.

21st Century Fox assets not acquired by Disney include Fox News Channel, the Fox broadcast network and the Fox Sports 1 sports channel.

In a seismic shift for the industry, numerous assets which Murdoch has spent over six decades building up will come under Disney ownership. Today, it added to its already astonishing portfolio in a colossal deal with Ruper Murdoch's 21st Century Fox.

Despite speculation the takeover would see Fox chief executive James Murdoch installed as the boss of Disney, the company stressed that Bob Iger will remain chairman and CEO until 2021.

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The company has been struggling to finalise the takeover after Culture Secretary Karen Bradley referred the acquisition to Britain's competition watchdog for an in-depth investigation.

The entertainment giant will also seize control of Fox Searchlight Pictures and Fox 2000, Fox Sports Regional Networks, Fox Networks Group International, Star India and Fox's interests in Hulu, Tata Sky and Endemol Shine Group.

"Disney will be able to offer more ways than ever before to bring kids and families the world and all that is in it", the company said in its press release announcing the deal.

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