Disney Announces 21st Century Fox Acquisition Date, Entertainment News

DISNEY Sets Closing Date for 21st Century Fox Acquisition

The $71.3 billion deal is scheduled to become effective at 12:02 a.m. "Eastern Time on March 20, 2019", Disney said in a regulatory filing. Like with Brazil last month, the main sticking point was Disney's putative ownership of Fox Sports given the importance of soccer rights; the combination of Fox and Disney's ESPN was also viewed warily by regulators in the USA and Europe, with major agencies there requiring divestitures.

On March 20th Disney's $71 billion dollar deal for most f 21st Century Fox will take effect, merging the two movie studios, while giving Disney the controlling stake of Hulu, FX channel, Nat Geo channel and other assets.

Under the acquisition agreement, 21st Century Fox stockholders may elect to receive US$38 per share in either cash or shares of "New Disney", the holding company that will own both Disney and 21st Century Fox following the acquisition.

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That new company will include the Fox Broadcast Network, Fox Sports, and Fox News Channel. The remaining parts of 21st Century Fox will be spun-off into the newly formed "Fox" - led by Lachlan Murdoch.

The transaction includes 21st Century Fox's film and television studios, cable entertainment networks and global TV businesses, which brought popular entertainment properties including X-Men, Avatar, The Simpsons, FX Networks and National Geographic to Disney's portfolio. Company insiders have said there could be more than 3,000 layoffs in the coming months as the companies figure out staffing for their new organizations.

On the film side, Fox's Emma Watts will run the 20th Century Fox studio and Fox Searchlight, the specialty division, will continue to be helmed by Stephen Gilula and Nancy Utley.

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