Disney has agreed to acquire 21st Century Fox, or at least, a large part of it. According to an announcement from Disney, it will be including the Twentieth Century Fox Film and Television studios, along with cable and international TV businesses, for approximately $52.4 billion (around Rs. 3,376 crore) in stock.
In terms of entertainment properties, this sees Deadpool, Avatar, FX Networks, National Geographic, The Simpsons, and National Geographic join the Disney portfolio. The company also gains a controlling stake in Hulu.
Incidentally, the acquisition impacts Fox’s Indian operations as well. Disney’s announcement mentions the addition of “extensive international properties, including Star in India and Fox’s 39 percent ownership of Sky across Europe, enhances Disney’s position as a truly global entertainment company with world-class offerings in key regions.”
This could see popular Indian streaming service Hotstar continuing alongside Disney’s yet to be launched streaming platform as Hotstar is run by Star India.
“Building on Disney’s commitment to deliver the highest quality branded entertainment, the acquisition of these complementary assets would allow Disney to create more appealing content, build more direct relationships with consumers around the world and deliver a more compelling entertainment experience to consumers wherever and however they choose,” the company said in a statement.
Furthermore, Disney Chief Executive Bob Iger, 66, will extend his tenure through the end of 2021 to oversee the integration of the Fox businesses. He has already postponed his retirement from Disney three times. In March, he said he was committed to leaving the company in July 2019.
Written with agency inputs