Disney sets closing date for Fox acquisition

Roman Schwartz
March 15, 2019

Disney's purchase of the Fox assets - first unveiled in December 2017 - will likely transform the Burbank company into an entertainment Goliath, towering over its traditional competitors.

Disney has announced that their closing date for their acquisition of 21st Century Fox will be March 20. 21st Century Fox shareholders can have till Thursday to decide on the amount of money and Disney inventory to obtain, valued at $38 a share within the deal.

The company also agreed to sell a 50 percent stake in A+E Networks in Europe and to separate licensing and provision between Disney's A&E, History, H2 and Lifetime networks and Fox's National Geographic and Nat Geo Wild channels.

Combining with Disney are 21st Century Fox's critically-acclaimed film production businesses, including Twentieth Century Fox, Fox Searchlight Pictures and Fox 2000, which together offer diverse and compelling storytelling businesses and are the homes of Avatar, X-Men, Fantastic Four and Deadpool, as well as The Grand Budapest Hotel, Hidden Figures, Gone Girl, The Shape of Water and The Martian.

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Adam Bankhurst is a news writer for IGN who offered $20 for 21st Century Fox but was turned down, sadly. The deal is rich in worldwide television assets, including in Latin America and India. "Eastern Time on March 20, 2019", Disney said in a regulatory filing.

The process has taken almost two years to close.

The consolidation of the two entertainment companies is expected to result in over 4,000 layoffs. Peter Rice, one of Murdoch's longtime lieutenants, will become chairman of the Burbank-based television group, reporting to Iger.

Disney already owns the ABC broadcast television network, sports broadcasting group ESPN and major Hollywood film studios along with theme parks around the world. The Fox executives will report to Disney Studios Chairman Alan Horn.

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