×

Disney Closes $71 Billion 21st Century Fox Deal

After 15 months of wrangling and planning, Disney has formally sealed the deal on its $71 billion acquisition of 21st Century Fox.

“This is an extraordinary and historic moment for us — one that will create significant long-term value for our company and our shareholders,” Disney chairman-CEO Bob Iger said in a statement on Tuesday afternoon. “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 took possession of 21st Century Fox at 12:02 a.m. ET. Assets changing hands in the deal include: Twentieth Century Fox, Fox Searchlight Pictures, Fox 2000 Pictures, Fox Family, and Fox Animation; Fox’s television creative units, Twentieth Century Fox Television, FX Productions, and Fox21; FX Networks; National Geographic Partners; Fox Networks Group International; Star India; and Fox’s interests in Hulu, Tata Sky, and Endemol Shine Group.

Disney emphasized that the transaction is designed to help the company “increase its international footprint” and “expand its direct-to-consumer offerings.”

Earlier on Tuesday, 21st Century Fox completed the separation of assets that are moving to Disney and those that will comprise the foundation of Fox Corporation, which began trading on the Nasdaq as a standalone entity on Tuesday morning. Fox Corp. shares opened at $41.55 and were down 3.2% at the close of trading, to $40.34.

As Disney and Fox Corp. settle in to a new world order, employees at both companies are bracing for the impact of large-scale layoffs to come in Burbank and Century City. The number of cuts could reach as high as 4,000 positions. Disney was still informing some senior 21st Century Fox employees of their status with the new company as late as Monday.

More Biz

  • Honoree Yusef Salaam poses at the

    Yusef Salaam Signs With CAA (EXCLUSIVE)

    Yusef Salaam, one of the men who was exonerated after being wrongfully convicted in the 1989 Central Park jogger case, has signed with CAA for representation in all areas of business worldwide. The story of Salaam and the four other men — then boys — who were wrongfully convicted was recently told in Netflix’s miniseries [...]

  • Kim Kardashian West Kimono

    Kim Kardashian West's 'Kimono' Shapewear Sparks Backlash

    West announced yesterday that she was launching a line of form-fitting shapewear in nine different skin tones and a range of sizes. But the name of the reality star’s latest business venture — “Kimono” — is already wrapped up in controversy.Kimonos are Japanese robes traditionally worn at formal affairs, prompting some to accuse the businesswoman [...]

  • Discovery Corporate New Logo

    Discovery Faces Backlash From Unscripted Producers After Shift in Series Payment Process

    Discovery Inc. is facing a backlash from the unscripted production community following a shift in the cable giant’s protocol for paying for programming. During the past year, Discovery has implemented a new system that calls for the company to pay producers for shows after all episodes and related material for a given season have been [...]

  • Wendy Goldstein Named Republic Records President,

    Republic Records Names Wendy Goldstein President of West Coast Creative

    Republic Records advances Wendy Goldstein to President of West Coast Creative, label co-founders and chief executives Monte and Avery Lipman announced today. Goldstein has overseen the company’s Santa Monica office since 2017 as EVP of Republic Records. Over the past year, she headed up the label’s efforts for Ariana Grande’s  back-to-back No. 1 debuts for the singer’s “Sweetener” and “Thank U, Next” albums, and [...]

  • The Traitor

    MMC Studios, One of Germany's Biggest Production Facilities, Changes Hands

    Germany’s MMC Studios, which has hosted such recent international productions as Joseph Gordon-Levitt thriller “7500” and Marco Bellocchio’s Cannes competition film “The Traitor,” is changing hands. Frankfurt-based investment company Novum Capital has acquired the facility in Cologne, one of Germany’s biggest film and TV studios, from Luxembourg private equity fund Lenbach Equity Opportunities I. The [...]

More From Our Brands

Access exclusive content