After a long process of negations and talks between two of the biggest multi-media entertainment companies in the business between Disney and 21st Century Fox have “formally” completed the deal. Many other major companies and Disney’s competitor of Comcast announced yesterday that they dropped out of the race for the bid for the assets of Fox.
Disney became the sole suitor and Fox chosen Disney over Comcast since it wasn’t in their best favors or image to buy out the company. Sources have been reporting that the deal could be above $60 billion from a week ago, but the exact amount isn’t officially confirmed yet. Rupert Murdoch was also reported to be a maybe selected candidate to succeed Bob Iger after his tenure ends in July 2019 but, Iger “might stay longer” to make ensure the deal between both companies runs and goes along smoothly.
Bloomberg reported last month that Chairman of the Walt Disney Parks & Resorts, Bob Chapek was a very strong contender for also succeeding Iger s well and Chapek has 27 years in the company and has been part of the company’s divisions of Consumer & Media Products and Film Studio.
Current Fox shareholders would get one share of the company that remains after the movie and television assets are sold, plus shares of Disney in a fixed exchange ratio. A Disney spokeswoman did not immediately respond to a request for comment. Shares of Disney were up 0.44% in early morning trading to just over $107, while shares of Fox rose .33% to $33.37.
Fox will still retain ownership of their current Fox assets such as Fox News, the network, and Fox Sports in which will be reconstituted as a independent company. This deal is expected to be announced publicly this coming Thursday and the impact for the deal is to reshape the entertainment business and also to be a major competitor towards Netflix since Disney will be launching their own streaming service, some point in 2019.
Disney is the sole ownership and have dished out billions of dollars between Marvel, Pixar, partner company of ABC and Lucasfilm. No details for further plans were announced, if this will eventually impact Disney’s theme parks worldwide and how Disney will also be taking over another streaming service of Hulu since Fox has a 60% ownership of it.
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