Disney completes Fox Deal – Variety
Before the East Coast airing of "Jimmy Kimmel Live!" Ending tonight Disney will formally seal the $ 71 billion deal for the purchase 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," said Bob Iger, director of Disney, in a statement Tuesday afternoon. "Disney and 21st Century Combination Fox's wealth of creative content and renowned talent creates the premier global entertainment company, well positioned to lead in an incredibly dynamic and transformative era. "
Disney plans to take possession of 21[ads1]st Century Fox at 12: 02:00 ET. who switch hands in the deal include: Twentieth Century Fox, Fox Searchlight Pictures, Fox 2000 Pictures, Fox Family, and Fox Animation; Fox's Creative TVs, Twentieth Century Fox Television, FX Productions and Fox21; FX Network; National Geographic Partners; Fox Networks Group International; Star India; and Fox's interests in Hulu, Tata Sky and Endemol Shine Group.
Disney stressed that the transaction was designed to help the company to "increase their international footprint" and "expand their direct consumer offerings".
Earlier On Tuesday, 21st Century Fox completed the separation of assets moving to Disney and those who will form the basis of Fox Corporation, which began trading on Nasdaq as a standalone unit on Tuesday morning. Fox Corp. Stocks opened at $ 41.55 and were down 3.2% at the close of trading, to $ 40.34.
As Disney and Fox Corp are put into a new world order, employees of both companies are bracing for the effect of large-scale layoffs coming in Burbank and Century City. The number of cuts can reach as high as 4000 positions. Disney still informed some older 21st Century Fox employees about their status with the new company as late as Monday.
