The Walt Disney Company has sealed its $71 billion deal to acquire businessman Rupert Murdoch’s mass media firm 21st Century Fox.
With this agreement, Disney has taken over Twentieth Century Fox, Fox Searchlight Pictures, Fox 2000 Pictures, Fox Family, and Fox Animation, Twentieth Century Fox Television, FX Productions, Fox21, FX Networks, National Geographic, Fox Networks Group International, and Star India.
“This is an extraordinary and historic moment for us, one that will create significant long-term value for our company and our shareholders,” Disney Chairperson Bob Iger said. “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.”
Disney also completed the separation of assets of 21st Century Fox. Part of these assets will move to Disney, and the others to Fox Corporation.
The number of major Hollywood studios dropped from six to five as a result of this acquisition: Disney, Warner Bros, Universal, Sony Pictures and Paramount Pictures. The deal will allow Disney to take on United States-based media services provider Netflix and technology firm Amazon, it added.