At 12:02 a.m. Eastern Time tomorrow, March 20, 2019, The Walt Disney Company's acquisition of 21st Century Fox will become effective. With 21st Century Fox's iconic collection of businesses and franchises, Disney will be able to provide more appealing high-quality content and entertainment options to meet growing consumer demand; increase its international footprint; and expand its direct-to-consumer offerings, which include ESPN+ for sports fans, the highly-anticipated Disney+ streaming video-on-demand service launching in late 2019; and Disney and 21st Century Fox's combined ownership stake in Hulu.

'This is an extraordinary and historic moment for us-one that will create significant long-term value for our company and our shareholders,' said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. '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.'

The acquisition includes 21st Century Fox's renowned film production businesses, 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 today, 21st Century Fox completed the spin-off of a portfolio of 21st Century Fox's news, sports and broadcast businesses, including the FOX News Channel, FOX Business Network, FOX Broadcasting Company, FOX Sports, FOX Television Stations Group, and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network, and certain other assets and liabilities, into Fox Corporation.

Click here to read a press release detailing Disney's acquisition of 21st Century Fox. </s> NEW YORK — Fox Corp., the Fox assets that are not part of Disney's $71.3 billion acquisition of Fox's entertainment assets, began trading as a stand-alone company on Tuesday ahead of Disney's final acquisition of Fox movie assets.

The New York company also appointed several people to its board of directors, including former Speaker of the House Paul Ryan and Chase Carey, a former executive Twenty-First Century Fox.

Disney's acquisition is set to close around 12 a.m. EDT on Wednesday, more than a year after the mega deal was first proposed in December 2017.

Fox Corp. consists mainly of Fox Broadcasting, Fox Sports and Fox News. Disney is acquiring the Fox movie business, including Twentieth Century Fox, Fox Searchlight Pictures and Fox 2000 as well as Twentieth Century Fox Television, FX Productions and Fox21, with shows including "The Simpsons" and "Modern Family."

Fans have speculated about the deal's possibility to bring together the X-Men characters and Disney's Marvel Cinematic Universe, which includes the Avengers. </s> Disney has completed its historic takeover of 21st Century Fox, creating an entertainment behemoth of unprecedented scale.

Disney has completed its historic takeover of 21st Century Fox, creating an entertainment behemoth of unprecedented scale.

The Walt Disney Company closed its 71.3 billion US Dollar (£53.7 billion) acquisition at 12.02am Eastern Time on Wednesday, expanding its media portfolio ahead of the launch of its streaming service later this year.

The mega-deal sees Disney absorbing the Fox film and TV studios, the FX networks, National Geographic and Indian TV giant Star India.

Some of Fox’s other properties, including its news and sports businesses, have been spun off into the newly formed Fox Corporation.

Disney also doubled their 30% stake in streaming service Hulu, making it by far the biggest stakeholder.

Disney plans to launch its rival to Netflix later this year.

Before the takeover, it already boasted a fearsome catalogue of content, including its classic cartoons, Star Wars and many of the Marvel characters.

After purchasing Fox, it will be able to add the likes of X-Men and Deadpool to its portfolio.

In a statement, Robert Iger, chairman and chief executive officer of The Walt Disney Company, hailed the move.

He said: “This is an extraordinary and historic moment for us – one that will create significant long-term value for our company and our shareholders.

“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.”

The move instantly cut the number of major Hollywood studios, ending the era of the Big Six. Warner Bros, Universal, Sony Pictures and Paramount Pictures now make up the Big Five with Disney.

And it cast major doubt over the jobs of potentially thousands of workers, with experts predicting as many as 4,000 positions could be cut.

Rupert Murdoch, the billionaire former owner of executive co-chairman of 21st Century Fox, wrote a letter to employees two days before the takeover was finalised, thanking them for their work. </s> Nearly two years after Disney’s multi-billion dollar deal to acquire key entertainment assets from 21st Century Fox was announced, the Disney-Fox acquisition has been completed to the tune of $71.3 billion. The acquisition wil become effective at 12:02 a.m. Eastern Time March 20, 2019.

21st Century Fox announced that the long-standing deal for the Walt Disney Company to acquire its key assets, including the 20th Century Fox film and TV studio, Fox’s entertainment cable networks, and its international assets, has been completed. Read 21st Century Fox’s statement below:

Twenty-First Century Fox, Inc. (“21CF”) (NASDAQ: TFCFA, TFCF) announced that it has today completed the distribution of all issued and outstanding shares of Fox Corporation (“FOX”) common stock to 21CF stockholders (other than holders of the shares held by subsidiaries of 21CF) on a pro rata basis (the “Distribution”). 21CF and FOX are now each a standalone, publicly traded company. FOX Class A common stock and FOX Class B common stock are now listed on the Nasdaq Global Select Market (“Nasdaq”) under the symbols “FOXA” and “FOX,” respectively. 21CF Class A common stock and 21CF Class B common stock, which were formerly listed on Nasdaq under the symbols “FOXA” and “FOX,” respectively, are now listed on Nasdaq under the symbols “TFCFA” and “TFCF,” respectively.

Shareholders from Disney and Fox approved the deal back in July 2018, but the finalization awaited major share approval for the deal from regulators in Mexico. Now with the long-standing deal finally closed, Fox has officially joined Pixar, Marvel, and Lucasfilm under Disney’s umbrella of studios.

The Disney-Fox deal is one of the biggest Hollywood deals in history. Disney initially put up $52.4 billion for Fox’s assets in December 2017 and received the approval of the Justice Department despite concerns that the deal would be in violation of antitrust laws, but faced a few other bumps in the long road to finalization. The price was driven all the way up to a massive $71.3 billion after Comcast approached Fox with a higher offer. Comcast ended up bowing out of the Fox bidding, leaving a clear (albeit more expensive) path for Disney to swoop in.

The Disney-Fox acquisition has received notable attention from the pop culture world thanks to the impending incorporation of the X-Men and the Fantastic Four into the Marvel Cinematic Universe. However, those elements often overshadow the human costs of the deal, which will almost certainly result in at least 4,000 employees losing their jobs. Once the deal becomes effective at 12:02 a.m. Eastern Time tonight, we’ll likely see more news roll in about the effects of this deal. </s> March 20 (UPI) -- The Walt Disney Co. on Wednesday officially completed its $71.3 billion purchase of a large chunk of 21st Century Fox as it prepares to roll out a long-awaited new streaming service.

The deal gives Disney Fox's film and television studio, the FX networks, National Geographic and Star India, along with Fox's 30 percent share in Hulu for overall ownership of 60 percent.

Disney said some $2 billion in savings could be realized by the acquisition, but some industry experts expect layoffs to be part of the impact -- with as many as 10,000 jobs lost.

"This is an extraordinary and historic moment for us -- one that will create significant long-term value for our company and our shareholders," Disney CEO Robert A. Iger said in a statement Wednesday.

In an agreement with the Justice Department last year, 21st Century Fox had to spin off its regional sports networks so the deal could go through.

What's left -- Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, sports channels FS1, FS2, Fox Deportes and the Big Ten Network -- will remain in the hands of owner Rupert Murdoch.

Murdoch sent a note to 21st Century staff Monday saying the deal is a win-win.

"I anticipate tremendous opportunity for our businesses," Murdoch wrote. "Fox will be a force in the U.S. market with powerful brands."

Some analysts argue, though, the deal could force smaller studios to merge just to compete. The deal also gives Disney greater leverage over theater owners when it comes to box office splits and can use its might to stunt the growth of upstart Netflix. </s> Shareholders of 21st Century Fox and Disney have voted to approve Disney’s $71.3 billion buyout of major Fox assets.

Shareholders gathered Friday morning at the New York Hilton for separate meetings to vote on the historic transaction that the companies first set back in December. Both meetings were brief, lasting less than 15 minutes.

Gerson Zweifach, general counsel of 21st Century Fox, told Fox shareholders the merger is expected to be completed in the first half of 2019. He hailed the deal as a transformative transaction that will enable us to unlock significant value for our stockholders.”

The Disney gathering was short and perfunctory. Led by Disney general counsel Alan Braverman and CFO Christine McCarthy, the vote took less than 10 minutes and received near unanimous approval from Disney shareholders.

During the discussion preceding the vote, only one shareholder — who identified himself as an economics professor at Duquesne University — protested, simply saying “I think we are overpaying for Fox.” Another asked if Disney had plans to move its headquarters outside of Burbank, Calif.

At the Fox meeting, a male shareholder came to the microphone to pay tribute to Fox’s Rupert Murdoch and his legacy in the media biz. “Nobody does it like Rupert Murdoch,” he said. “I love Rupert Murdoch.”

Fox’s meeting was held in a small room with about 50 people in attendance, reflecting the large ownership stakes held by the Murdoch family and fewer individual investors. Disney, meanwhile, held its meeting in one of the hotel’s ballrooms, reflecting the broader interest in the company among the general public.

The shareholder vote seals the deal for Disney after it prevailed in a tussle with Comcast over bids for the 21st Century Fox assets, which include the 20th Century Fox studio, FX Networks, National Geographic Partners, and other entertainment assets. After the sale, Rupert Murdoch and Lachlan Murdoch will head the company now dubbed New Fox, which will comprise Fox Broadcasting Co. and Fox’s TV station group, Fox Sports and Fox News.

Disney and Fox first reached a buyout agreement for $52.4 billion in December. Comcast had been in the running last fall but the Fox board opted for Disney as the better fit for most of Murdoch’s Hollywood empire. The shareholder vote was originally set for July 10 but had to be postponed after Comcast unveiled its $65 billion all-cash offer on June 13. Disney responded a week later with a sweetened offer featuring a mix of cash and stock.

Neither Disney chairman-CEO Bob Iger or Murdoch attended the meeting. Zweifach told Fox shareholders that the date change for the meeting created scheduling conflicts for numerous Fox board members.

Disney has already received the greenlight from the Justice Department for the purchase, on the condition that it sell off Fox’s 22 regional sports networks within 90 days of closing. Disney still needs to secure a handful of approvals from foreign governments.

“Combining the 21CF businesses with Disney and establishing new ‘Fox’ will unlock significant value for our shareholders,” said Murdoch in a statement. “We are grateful to our shareholders for approving this transaction. I want to thank all of our executives and colleagues for their enormous contributions in building 21st Century Fox over the past decades. With their help, we expect the enlarged Disney and new ‘Fox’ companies will be pre-eminent in the entertainment and media industries.” Iger echoed Murdoch’s sentiment in a statement.

“We’re incredibly pleased that shareholders of both companies have granted approval for us to move forward, and are confident in our ability to create significant long-term value through this acquisition of Fox’s premier assets,” said Iger said. “We remain grateful to Rupert Murdoch and to the rest of the 21st Century Fox board for entrusting us with the future of these extraordinary businesses, and look forward to welcoming 21st Century Fox’s stellar talent to Disney and ultimately integrating our businesses to provide consumers around the world with more appealing content and entertainment options.”

Brian Steinberg contributed to this report. </s> The Hollywood Reporter reports: “Walt Disney and 21st Century Fox shareholders on Friday voted in favor of a $71.3 billion deal, in which Disney will acquire large parts of Fox, including the 20th Century Fox film and TV studios, Fox’s entertainment cable networks and its international assets.” </s> Homer Simpson probably won't become the newest member of the Avengers, but anything's possible now that Disney owns 21st Century Fox.

One year after Disney announced the $71.3 billion merger, it's finally official. The deal, which closed Wednesday at 12:02 a.m. eastern time, reshapes the media landscape and makes Disney an even greater entertainment behemoth. In bolstering its trove of characters and stories, the acquisition also puts Disney in a stronger position to take on Netflix and other streaming companies, when it launches its own service, Disney+, later this year.

Disney, which already owns the Pixar, Marvel and the Star Wars brands, will now also get Deadpool and the Fox-owned Marvel characters such as the X-Men and Fantastic Four, allowing for the full Marvel family to be united. Disney also now owns former Fox television networks such as FX Networks and National Geographic Partners. Disney will also get Fox's 30 percent ownership of Hulu, giving Disney a controlling share of 60 percent.

Now that Fox Corp. has sold off most of its entertainment properties, it has become a standalone company that will retain ownership of its broadcast network, owned-and-operated network affiliates, the Fox News Channel, Fox Business Network and Fox Sports.

Former House speaker Paul Ryan is joining the board of directors of the new Fox Corp. NPR's David Folkfenflik told WBUR's "Here and Now" that Fox's decision to retain Ryan "is in keeping with the way in which Rupert Murdoch and his family has operated over the years, where they have acquired, essentially, a lot of major political heavyweights to be on their corporate boards, occasionally as top executives — essentially as a hedge" against the fairly heavy regulations that media companies sometimes face.

The deal has been in the works for more than a year, but wasn't official until various regulatory agencies around the world gave their approvals. After months of flirting with the idea, Disney and Fox announced in Dec. 2017 that they had agreed to a $52.4 billion deal that would sell off most of Rupert Murdoch's entertainment properties. As Folkenflik reported at the time, the acquisition offered a chance for Disney to "consolidate holdings, bringing together talented leaders in television and movie production, major cable properties and a vast network of local sports cable channels to fold into Disney's ESPN programming."

The deal hit a snag in 2018 when Comcast unexpectedly bid $65 billion to lure Fox away from Disney. But Disney was able to keep the deal moving forward when it upped its offer to $71 billion. The Justice Department OK'd the acquisition last summer as long as Disney, which owns ESPN, agreed to sell off 22 regional sports networks that were originally part of the purchase.

For Fox, the decision to sell many of its entertainment properties was motivated mostly by "fear, opportunity pragmatism," Folkenflik explained: "Fear of the seemingly bottomless wallets of Netflix, Amazon and possibly Apple to spend on new shows; opportunity to cash out assets at a possible peak; and pragmatism in finally resolving the professional fates of Murdoch's sons, Lachlan and James, as well the fortunes of four other Murdoch children who do not play a role in the company."

The acquisition could have negative consequences. NPR TV Critic Eric Deggans told NPR's Morning Edition that thousands of people will likely lose their jobs as Disney consolidates its properties.

Note: Both Walt Disney Pictures and Twentieth Century Fox have funded NPR. </s> (Reuters) - Walt Disney Co closed its $71 billion acquisition of Twenty-First Century Fox Inc's film and television assets on Wednesday, giving its upcoming streaming service a range of popular content as it takes on Netflix Inc.

The deal will expand Disney's portfolio of some of the world's most popular characters, uniting Mickey Mouse, Luke Skywalker and Marvel superheroes with Fox's X-Men, "Avatar" and "The Simpsons" franchises.

The streaming service, Disney+, aims to make up for the continuing loss of subscribers from ESPN and other cable networks.

The completion of the Fox deal comes nearly a year after Disney won a bidding war against cable company Comcast Corp for the assets.

Separately, Fox Corp debuted on the Nasdaq on Tuesday and named former U.S. House Speaker Paul Ryan, Formula One Group Chief Executive Officer Chase Carey and two others to its board.

The newly spun-off media company, which will house assets including Fox News Channel and Fox Broadcast Network, is expected to bring in around $10 billion in annual revenue.

(This story drops incorrect reference to two board members stepping down).
The Walt Disney Company completes its $71.3 billion acquisition of 21st Century Fox's film and TV assets (with the exception of the business, broadcasting network, news, and sports assets owned by the newly-formed Fox Corporation).