DISNEY Acquires FOX For $52.4 Billion (With Some Caveats)

Disney Fox

Disney's global footprint also expands with the acquisition of Fox's worldwide satellite assets, including Star TV network in India and a stake in European pay-TV provider Sky Plc.

Under the deal, expected to close in 12 to 18 months, Disney acquires 21st Century Fox's film and television studios, its cable entertainment networks and global TV businesses.

"We're excited about this extraordinary opportunity to significantly increase our portfolio of well-loved franchises and branded content to greatly enhance our growing direct-to-consumer offerings".

Immediately before the acquisition, Fox will separate the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, its sports channels FS1, FS2 and the Big Ten Network into a newly listed company that it will spin off to its shareholders.

Iger also said Hulu, of which Disney will acquire full control, is likely to become more "adult oriented" as an streaming service, compared with an ESPN sports service and a planned Disney family-oriented streamer that will skew to more wider consumer audiences.

In addition, Disney will acquire a majority stake in the streaming service Hulu. And it is pulling its content from Netflix in preparation for the launch. Alone, Disney's Buena Vista raked in $1.8 billion, while Fox totaled $1.3 billion so far this year.

The deal, which was announced this afternoon, will see Disney acquire the 39 per cent of Sky now owned by Fox and "full ownership" of the broadcaster when its bid for full control is completed.

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The companies also announced that Disney boss Bob Iger has extended his contract as chairman and CEO through 2021.

Fans of superhero films with outsized ensemble casts can rejoice, as Disney's $52.4 billion deal to buy 20th Century Fox's film and TV assets will expand the Marvel Cinematic Universe to include characters that Fox previously owned.

Independent analysts - without accounting for the IPL rights acquisition - have valued the company's India business at between $11 billion and $14 billion. We are seeing that in the mergers of new companies.

Speaking on Fox Business Thursday morning, Murdoch said he made it a condition of the deal that Iger would stay on.

"And, we'll see", Iger added.

"And during that period of time, he and I will continue to discuss whether there is a role for him here or not".

In a statement of his own, Murdoch said, "I'm convinced that this combination, under Bob Iger's leadership, will be one of the greatest companies in the world".

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