NEW YORK: At 12:02 a.m. Eastern Time (9.32 a.m. IST) Wednesday, The Walt Disney Company’s $71.3 billion acquisition of 21st Century Fox became effective.
With 21st Century Fox’s 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 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 pre-eminent global entertainment company, well positioned to lead in an incredibly dynamic and transformative era.”
The acquisition includes 21st Century Fox’s 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 US Department of Justice last year under which Disney will divest 21st Century Fox’s regional sports networks.
On Tuesday, 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.