US: Disney Closes US$71.3B Fox deal

21st Century Fox (21CF) officially announced on Twitter that the Disney’s acquisition of Fox is complete. The Walt Disney Company’s acquisition of 21CF became effective at 12:02 a.m March 20, 2019.

Disney will now control Fox’s movie and television production studios, as well as its FX cable network, Fox Searchlight label, and National Geographic properties.

The deal, which stemmed from talks about 18 months ago in Los Angeles by Fox Chairman Rupert Murdoch, closed following approval in several foreign markets. After quickly getting approved by the US Justice Department last year, the deal was slowed by the partial government shutdown earlier this year. The deal also received EU approval after concessions were offered and agreed on.

Disney has launched one streaming service, tied to its ESPN programming, and is planning a family-oriented one for later this year. To prepare for that launch, it already has started removing its movies and television shows from Netflix’s library.

Edgier Fox fare, such as FX shows like “American Horror Story” or “Pose” and movies like “Deadpool,” will appear on streaming service Hulu, over which Disney will assume majority control now that the deal has closed, reported the Wall Street Journal.

Full Content: Wall Street Journal

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.