Home Business News Disney closes $71bn takeover of 21st Century Fox

Disney closes $71bn takeover of 21st Century Fox

by Sarah Dunsby
20th Mar 19 10:29 am

Walt Disney has completed a historic takeover of 21st Century Fox, in a $71.3bn acquisition on Wednesday. Netflix domination is at risk as Disney plans to launch a rival later this year.

This deal will enable Disney to expand their media portfolio, as they absorb Fox film and TV studios, National Geographic, the FX networks and India’s TV giant Star India.

Disney have also doubled their share 30% stake in Hulu, a streaming service.

The company already boost’s an enormous catalogue of content, with Star Wars, the many Marvel characters and their classic cartoons. Now the takeover is complete, Disney can now add X-Men and Deadpool to their catalogue of content.

Robert Iger, chairman and chief executive officer of The Walt Disney Company said in a statement, “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.”

Billionaire Rupert Murdoch the former owner of 21st Century Fox, thanked his employees two days prior to the takeover being finalised.

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