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Disney Prepares to Close on Fox Deal; Tencent Music Reports Earnings – The Motley Fool




Entertainment giant Walt Disney (NYSE: DIS) and Chinese music entertainment platform Tencent Music (NYSE: TME) are making headlines during after hours trading on Tuesday

  1. Walt Disney is set to complete its $ 71 billion acquisition of Twenty-First Century Fox (NASDAQ: FOXA) (NASDAQ: FOX) assets late tonight. ] Tencent Music (TME) revealed rapid growth in its fourth quarter.
 A teenager using the ESPN + app on a tablet.

ESPN +. Image source: Walt Disney

Walt Disney to close its acquisition of Fox

In and announcement after the market closed on Tuesday, Disney said its acquisition of Twenty-First Century assets, including the film production businesses, television creative units, Fox's interests in Hulu, and more, will close at 12:02 am EDT tomorrow

"Unprecedented collection of high-quality creative content, stellar talent, and cutting-edge technologies will enable Disney to accelerate its direct-to-consumer strategy and expand its global presence," the company said in the press release

"This is an extraordinary and historic moment for us – one that will create significant long-term value for our company and our shareholders," added Disney CEO Robert Iger.

will help Disney expand its direct-to-consumer businesses: ESPN + and its upcoming Disney + streaming service. Management has touted these new streaming platforms as central to the company's evolution to a multiscreen, Internet-connected environment. The company's larger stake in Hulu will also be key to the company's evolution, as Disney will now have a controlling interest in the streaming TV service.

Tencent Music sees rapid growth

In its first reported quarter as a publicly traded company, Tencent said fourth-quarter revenue surged 50.5% to 5.4 billion yuan (RMB), or the equivalent of $ 785 million. The company's net loss for the period was $ 127 million, but management said this was primarily due to a one-time $ 221 million share-based accounting charge related to the Company's equity issue at Warner Music Group and Sony Music Entertainment. "

Mobile monthly active users for the online music service increased 6.8% year over year. But paying monthly active users increased even faster, rising 39.2% year over year. This puts users at the end of the quarter at 27 million, or 4% of Tencent's 644 million mobile monthly active users.

streaming services, up 9.1% year over year, hitting 228 million.

"During the fourth quarter of 2018, we recorded strong growth across our business lines, including both online music and social entertainment services, and solidified our market leadership, "Tencent Music CEO Cussion Kar Shun Pang.

Investors apparently had higher expectations for TME's fourth quarter. Shares are down 7.2% in after-hours trading or 7:30 pm EDT.



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