Disney closes $71bn acquisition of Twenty-First Century Fox's assets

Disney closes $71bn acquisition of Twenty-First Century Fox's assets

"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 CEO of The Walt Disney Company.

Along with what's pictured, it will also control the rights to the Alien and Planet of the Apes franchises, as well as live-action series, including NBC's This is Us, ABC's Modern Family and Fox's longtime adult animation mainstays The Simpsons and Family Guy, which are respectively in their 30th and 17th seasons. The process brings an end to a saga that has developed over the past two years. Blue Sky's Spies in Disguise will be Fox's first animated feature released under the new ownership, which is still scheduled for September 13, 2019. "Why can't they let anyone know?" added the marketing executive. The Hollywood Reporter said last month that 4,000 jobs will be lost. The sale represents the end of an era for Mr Rupert Murdoch, the 88-year-old media mogul who steered the Fox studio for almost four decades.

"Nobody has come around and said, 'This is what's going on.' Why can't they just tell us that there is no place for us?" That new company debuted on the NASDAQ Stock Market on Tuesday under the symbol "FOXA".

Murdoch's media empire is primarily split into two major holding companies - News Corporation, which includes print assets across the world and pay TV interests in Australia, and 21st Century Fox, which includes subscription TV assets across the world (including Fox, BSkyB, National Geographic and Star) as well as the film studio and distributor, 20th Century Fox. It will be focused on news and sports - live programming that is seen as less vulnerable to viewer losses in a streaming age - and also plans to ramp up its production of scripted shows created to appeal to a broad demographic. But with the movie and television studios coming under control of Disney, numerous broadcast networks from Fox are remaining their own entity, including the national network FOX.

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Imitating some of the most beloved scenes in the show where Homer strangles his son Bart for a comical misdemeanor, Homer has his hands wrapped around Mickey Mouse's neck, with the caption: "Welcome to the family, man".

Disney has closed its $71 billion acquisition of Fox's entertainment business, putting "Cinderella, " "The Simpsons, " "Star Wars" and "Dr". Sign up here and stay on top of the latest money, news and tech news.

He plans to continue operating 20th Century Fox, Fox Searchlight and other film labels, many of which release the kind of R-rated films that Disney previously stayed away from. Perhaps the biggest addition to Disney's portfolio, and the most important as it prepares for a direct-to-consumer business model, is becoming a majority stakeholder in Hulu.

Iger's gamble is far from a sure thing.

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