Disney's Fox Deal Faces Justice Department Fresh Off AT&T Suit

Disney's Fox Deal Faces Justice Department Fresh Off AT&T Suit

Disney's Fox Deal Faces Justice Department Fresh Off AT&T Suit

In a statement of his own, Murdoch said, "I'm convinced that this combination, under Bob Iger's leadership, will be one of the greatest companies in the world". Rumors have been circulating for quite some time now, but in the end, Disney was the only company left at the table.

"James and I have had a lot of conversations about the future of these companies", Iger said.

"Bringing Disney and Fox together will combine some of the world's most iconic entertainment franchises", said Disney on the deal.

It was announced at the same time that due to the sale, Disney's longtime CEO Bob Iger would be staying on through 2021 in his current position, marking the third time he has extended his contract.

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Prior to the deal closing, 21st Century Fox will separate the Fox broadcasting network, Fox News Channel, Fox Business Network, and some national sports networks into a new company that will be spun off to its shareholders. Fox has a large reach in overseas markets which would make distribution to countries like India, Germany and the United Kingdom much easier for Disney. The 20th Century Fox studio has the rights to make movies for Marvel characters like "X-Men" the result of deals struck before Disney purchased Marvel in 2009. The studio told analysts the wider deal for Fox assets is not contingent on securing a regulatory blessing in the United Kingdom for the Sky PLC assets.

Under the deal, expected to close in 12 to 18 months, Disney acquires 21st Century Fox's film and television studios, its cable entertainment networks and global TV businesses. "Should the multi-channel ecosystem get to where it's not as viable as we need it to be, we can flip a switch and offer content direct to consumer", Iger explained.

Disney, which owns the ABC television network, ESPN and has major studios in Hollywood, is set to launch its own streaming services aimed at competing against Netflix and Amazon. With the acquisition of Fox, Disney's stake in Hulu will grow to be a controlling one.

"I don't think you should really look at it as necessarily individual businesses, except that we're looking to expand consumer choice and consumer options", he continued, when asked by a media analyst why Walt Disney isn't just adopting Hulu as its own SVOD platform. In addition, the deal to acquire the remaining stake in Sky PLC that Fox doesn't already own is expected to secure regulatory acceptance by June 30, 2018.

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