A very large deal was announced this morning concerning entertainment giants Disney and 21st Century Fox.
Disney is buying a large part of the Murdoch family’s 21st Century Fox for around $52.4 billion in stock–including film and television studios and cable and international TV businesses–as it tries to meet competition from technology companies in the entertainment business.
The deal gives Walt Disney Studios film businesses, including Twentieth Century Fox, Fox Searchlight Pictures and Fox 2000, which together are the homes of “Avatar,” “X-Men,” “Fantastic Four” and “Deadpool.” On the television side, Disney will get Twentieth Century Fox Television, FX Productions and Fox21, with shows including “The Simpsons” and “Modern Family.”
Robert Iger will continue as chairman and CEO of The Walt Disney Co. through the end of 2021.
Before the buyout, 21st Century Fox will separate the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company that will be spun off to its shareholders.
That Rupert Murdoch and his sons were willing to sell off much of the business that has been built up over decades came as a shock to the entertainment industry.
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