Just two minutes after midnight Eastern Time tonight, Disney's acquisition of 21st Century Fox will be complete. The $71 billion acquisition that makes 20th Century Fox and other assets part of The Walt Disney Company will fully go into effect, permanently changing the landscape of entertainment as we know it. Now, Disney has released their official statement on the momentous occasion.
"This is an extraordinary and historic moment for us -- one that will create significant long-term value for our company and our shareholders," Chairman and Chief Executive Officer for The Walt Disney Company said in the statement. "Combining Disney's and 21st Century Fox's wealth of creative content and proven talent creates the preeminent global entertainment company, well positioned to lead in an incredibly dynamic and transformative era.”
You can read the full statement here.
When the deal goes into effect, Disney will take possession of assets including Twentieth Century Fox, Fox Searchlight Pictures, Fox 2000 Pictures, Fox Family and Fox Animation; Fox’s television creative units, Twentieth Century Fox Television, FX Productions and Fox21; FX Networks; National Geographic Partners; Fox Networks Group International; Star India; and Fox’s interests in Hulu, Tata Sky and Endemol Shine Group. Disney and 21st Century Fox entered into a consent decree with the U.S. Department of Justice last year under which Disney will divest 21st Century Fox’s Regional Sports Networks.
Earlier on Tuesday, 21st Century Fox issued their own press release, detailing the completion of the separation of assets and breaking down pertinent information regarding how that breaks down in terms of stock for shareholders -- specifically how the stock is listed on Nasdaq.
For fans of comic book entertainment, the closure of the Disney/Fox deal is one that has been watched with great excitement largely for how it impacts Marvel properties. When the deal closes tonight, it means that a number of licenses for Marvel characters, including the rosters of the X-Men and the Fantastic Four, will come under Marvel Studios control, something that many have been eagerly anticipating.
Unfortunately, all of the excitement may also come with some bad news for employees of both Disney and Fox. A recent report from The Hollywood Reporter estimated that 7,500 employees are expected to lose their jobs between Disney and Fox once the acquisition has been finalized. That report came on the heels of news of the WarnerMedia scale down after the purchase of AT&T, though that reduction is expected to be less drastic than the estimated Disney/Fox numbers as WarnerMedia. Variety has estimated the Disney/Fox cuts at the 4,000 positions mark.
What are your thoughts about the impending closure of the Disney/Fox deal? Let us know in the comments below.