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Disney to buy Fox film for US$52bn

NEW YORK: Walt Disney Co. said yesterday it had reached a deal to buy 21st Century Fox for US$52.4 billion (44.3 billion euros / B1.704 trillion) in stock, solidifying its position as a producer of entertainment content as it faces new rivals from Silicon Valley.


AFP

Friday 15 December 2017, 09:03AM


Walt Disney characters Minnie and Mickey Mouse. Photo: AFP
Walt Disney characters Minnie and Mickey Mouse. Photo: AFP

The deal will see Disney acquire film and television studios, cable entertainment networks and international TV businesses, bringing popular entertainment properties including X-Men, Avatar, The Simpsons, FX Networks and National Geographic into Disney’s portfolio.

21st Century Fox’s television stations and Fox News channel will be spun off before the sale, however.

“The acquisition of this stellar collection of businesses from 21st Century Fox reflects the increasing consumer demand for a rich diversity of entertainment experiences that are more compelling, accessible and convenient than ever before,” said Disney’s chief executive Robert Iger in a statement.

Mr Iger, who was previously expected to step down in 2019, will now stay on through 2021.

Disney has been seen as trying to bolster its Hollywood and television positions by getting the Fox library of content to strengthen its arsenal against Netflix and other rivals.

The rise of streaming services and the so-called cord-cutting movement against cable television, together with declining advertising revenue, have contributed to a rapidly changing landscape for media companies.

Disney, which owns the ABC television network, ESPN and has major studios in Hollywood, is set to launch its own streaming services aimed at competing against Netflix and Amazon.

The deal also gives it a controlling interest in Hulu, another popular streaming service.

The news comes as another major media deal, between AT&T and Time Warner, has been challenged in an antitrust filing by the US Justice Department.

 

 

 

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