It has been several years in the making, and it is finally done!
According to a report put out by Disney, the final purchase goes into effect on March 20th at 12:02 a.m. Eastern Time.
The deal was supposed to be finalized closer to the beginning of this year, however the Fox regulators in Mexico were holding up negotiations. The writing had been on the wall for months that the deal would go through, it was just a matter of when.
According to a report that Disney put out, 21st Century Fox shareholders will have until Thursday to choose the amount of cash and Disney stock to receive in this historic transaction that cost an upwards of $71.3 billion. In the buyout Disney will acquire 20th Century Fox film and TV studios, Fox Television (such as FX), international networks, an additional 30% stake in Hulu (60% in total after the buyout), stakes in National Geographic Partners, Indian television broadcaster Star India, and other key assets. While this does seem like a lot, because it is, it is not everything that Fox owns.
Fox will continue to operate under an unknown banner where they still have control of the Fox Broadcasting Company, Fox Television Stations, Fox News Channel, the Fox Business Network, FS1, FS2, Fox Deportes and the Big Ten Network.
A huge purchase of another major entertainment studio is something that has never been done before on this scale. Many still have questions about what will happen with many of the already established Fox movies. For example, will Fox’s X-Men be brought into Disney’s Marvel Universe? Will R-Rated properties such as Alien, Die Hard, The Predator, and others be allowed to thrive in Disney’s hands or will they disappear? Remember, not only can Disney now create new movies with these properties, they will now be in charge of what can and can’t be sold going forward with already made films. The properties belong to Disney now, they can do as they like with them.
While it is very exciting to see how the film landscape will change due to this acquisition, it does come at a price that is more than just monetary. It has been reported by the International Business Times that 4,000 jobs are certainly gone after the merger takes affect and could be nearly as high as 10,000. At the time of the report 21st Century Fox had a total workforce fo 22,400 employees worldwide – meaning that nearly half of the workforce will be laid-off.
What do you think of this merger? Have you been excited or worried about what this purchase means? What are you looking forward to after it takes place? What are your concerns? Leave a comment below and let’s make a discussion out of it.