LOS ANGELES (CelebrityAccess) – Disney has closed its $71 billion acquisition of Fox’s entertainment business.
The deal, which went through early this morning (March 20), sees Disney taking full control over a number of 21st Century Fox entities including the company’s entire movie studio division, its 30 percent stake in streaming service Hulu, and the Fox Television Group.
“This is an extraordinary and historic moment for us — one that will create significant long-term value for our company and our shareholders,” CEO Bob Iger said in a press release. “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 acquisition will no doubt shake up the media landscape. By buying the studios behind Marvel’s X-Men and Deadpool along with TV shows such as “The Simpsons,” “The Americans,” “This Is Us” and “Modern Family,” Disney is positioning itself to better compete with technology companies such as Amazon and Netflix, both for viewership and revenue. Among other things, it paves the way for Disney to launch its own streaming service, Disney Plus, which is due out later this year.
On the corporate end, both Disney and Fox employees are expected to be hit by the acquisition, which will see an estimated 4,000 employees laid off. Most of these jobs are expected to be roles that now find themselves duplicated.
Fox Corp., which includes entities like Fox News, Fox Sports and Fox Broadcasting, was not included in the terms of the deal and will retain its independence in the US.