Economy

Disney's £50bn takeover of Fox to become official next week

Disney's £50bn takeover of Fox to become official next week

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. "Eastern Time on March 20, 2019, subject to the satisfaction or waiver of the conditions to the consummation of the Acquisition set forth in the documentation governing such transaction".

The news arrived alongside the deadline for holders of 21st Century Fox's common stock to elect the form of consideration they wish to receive in preparation for closing.

The Walt Disney Company has set a March 20 date to finalise its US$71.3 billion acquisition of 21 Century Fox's entertainment assets. With that said, the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2, and Big Ten Network will be separated into a new company and will not be part of the agreement.

Adam Bankhurst is a news writer for IGN who offered $20 for 21st Century Fox but was turned down, sadly.

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On the downside, the merging of the two leading entertainment firms in Hollywood will lead to massive layoffs.

Disney had originally made the deal for $52.4 billion but after Comcast put in a bid, Disney had no choice but to raise its offer. And even after it is all said and done, it will still be a while before Fox's properties can fall under the Disney umbrella.

The U.S. Justice Department has said Disney, which owns cable sports network ESPN, must divest Fox's 22 networks that provide sports programming for regional and local markets. John Landgraf, chief executive of FX Networks, will continue to lead those channels.