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Disney owns 21st Century Fox for $71 billion, Bob Iger calls it ‘Historic Moment’

Disney Has Closed Its $71billion Acquisition Of Rupert Murdoch’s Entertainment Business, 21st Century Fox On Wednesday.

News Nation Bureau | Edited By : Chanshimla Varah | Updated on: 20 Mar 2019, 04:13:48 PM
Disney buys 21st Century Fox for $71 billion (Photo: Facebook)

New Delhi:

Disney’s lengthy one-year process of acquiring 21st Century Fox is finally sealed and done. Disney has closed its $71billion acquisition of Rupert Murdoch’s entertainment business. The Walt Disney Company closed its acquisition of 21st Century Fox shortly after midnight New York time on Wednesday. The merger now gives the entertainment giant full control over a number of 21st Century Fox entities including the company's entire movie studio division, its 30 per cent stake in streaming service Hulu and the Fox Television Group.

"This is an extraordinary and historic moment for us -- one that will create significant long-term value for our company and our shareholders," Bob Iger, Chairman-CEO, Disney, said in a statement, Variety reported late on Tuesday.

"Combining Disney's and 21st Century Fox's wealth of creative content and proven talent creates the pre-eminent global entertainment company, well positioned to lead in an incredibly dynamic and transformative era." Despite the acquisition, Fox Corp. would retain its independence and entities like Fox News and Fox Sports in the US. 

After purchasing Fox, it will be able to add the likes of X-Men and Deadpool to its portfolio which Disney CEO Bob Iger has previously shown interest for its franchises into its own Marvel universe and bringing Hulu to an international audience. 

The deal now gives Disney control of nearly 40 percent of today’s marketshare, Vanity Fair reports.

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First Published : 20 Mar 2019, 04:13:40 PM