Disney closes Fox takeover, forging a Hollywood monster to take on Netflix
Disney can only share in the X-Men to replace all the dead Avengers now, no?
Chuck Zlotnick / Marvel Studios
It may not be a dramatic trailer drop, but it's still one of the most anticipated climaxes in Hollywood.
Disney the largest traditional media company in the world, completed the takeover of much of other Hollywood giant 21st Century Fox late Tuesday. It marks the companies officially becoming one year after they first agreed to merge into what would become a $ 71.3 billion deal.
It completes one of the most eye-catching examples of Hollywood going to extreme lengths to strengthen the competition from digital power plants such as Netflix Amazon and – soon – Apple . The dipped companies have hailed money to make their own TV shows and movies. Streaming services have low monthly rates, and in the Netflix case, have tried to maintain theatrical release standards for movies – all threats to how companies like Disney and Fox make money.
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Mainly, the Fox takeover will be completed before Disney's scheduled launch of its own Netflix-like streaming service later this year, called Disney + . Disney CEO Bob Iger has named the streaming service the company's "top priority" for 2019. Adding Fox will give Disney an even bigger library of high profile content to join its service.
Fox is home to the blockbuster franchise like X-Men, Deadpool, Kingsmen and Apes Planet; animated movies such as Ice Age and TV assets such as The Simpsons as well as edgy Network FX. The deal includes the 21st Century Fox movie and television studios, as well as a cable group consisting of FX, National Geographic, 300 plus international channels and 22 regional sports networks.
The agreement also includes Broadcasting giant Sky in the UK and Europe.
The deal handles Fox's 30 percent stake in Hulu to Disney, which essentially doubles Disney's ownership and gives Hulu a majority stake for the first time in its decade-plus history. Comcast's NBCUniversal continues to hold 30 percent, and AT & Ts WarnerMedia holds the remaining 10 percent.
Disy's merger with Fox follows AT&T buys $ 85 billion of Time Warner parent company of HBO, CNN, Warner Bros. and others. AT & T removed the latest regular uncertainty that overwhelmed the acquisition of Time Warner earlier this year.
Originally published at 4:10. PT.
Updated at 9:05 pm PT : With agreement terminated officially.
