Finally, Disney completes $71bn 21st Century Fox deal

Good News to Movies and TV series fans but not for Netflix

Picture source: https://www.denofgeek.com/uk/movies/disney-fox/64117/disney-fox-merger-finally-complete

The Walt Disney Company has closed its $71bn (£54bn) acquisition of Rupert Murdoch’s entertainment business 21st Century Fox as it looks to take on streaming giant Netflix.

As part of the deal, Disney will absorb the Fox film and TV studios, the FX networks, National Geographic and Indian TV network Star India. It will also bring together franchises such as The Simpsons, X-Men, Star Wars and Marvel under the same roof for the first time, supercharging its content and creating a media company of unprecedented scale.

The business will launch its Disney Plus streaming service later this year, which given its souped-up content offer puts it in a better position to rival Netflix and Amazon Prime.

In a statement, Robert Iger, chairman, and CEO of The Walt Disney Company, describes the deal as an “extraordinary and historic moment”.

“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.”

However, the merger is likely to result in job cuts, with experts predicting as many as 4,000 positions could be on the line.

Source: www.marketingweek.com 

More on: Disney seals $71bn deal for 21st Century Fox as it prepares to take on Netflix