Disney Acquisition of 21st Century Fox to Close on March 20

Disney Acquisition of 21st Century Fox to Close on March 20

Disney Acquisition of 21st Century Fox to Close on March 20

Winning Mexico's consent was the final hurdle for Disney to wrap up its 9-month quest to secure all of the government approvals that it needed. According to a release provided to Deadline, Disney has received the "last major approval" it needed - from regulators in Mexico's government - to finish the deal now valued at $71.3 billion.

"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 Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company.

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In addition, Disney is also receiving 21st Century Fox's investment in Hulu, giving them the majority stake in the streaming platform. Its ownership of those channels and cable sports network ESPN would otherwise give the company undue influence in sports broadcasting, said the watchdog.

The Murdochs also will retain the legendary Fox Studios lot on Pico Boulevard near Century City. ("New Disney"), the holding company that will own Disney and 21CF following the Acquisition. The deal is rich in global television assets, including in Latin America and India. And whereas the Disney-Fox deal might lastly be coming to an in-depth, it nonetheless might take years to assimilate the Fox properties and staff underneath the Disney umbrella.

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The acquisition will become effective at 12:02 AM EST on March 20. As in Brazil and other countries, the IFT unanimously agreed to give its green light to Disney's purchase as long as it agreed to sell Fox's 22 regional sports networks.

The combination of the two companies is expected to lead to substantial job losses. And even after it is all said and done, it will still be a while before Fox's properties can fall under the Disney umbrella.

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On the film side, Fox's Emma Watts will run the 20th Century Fox studio and Fox Searchlight, the specialty division, will continue to be helmed by Stephen Gilula and Nancy Utley.

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