Disney Now Owns Most of FOX After Closing Its $71.3 Billion Deal

Disney 20th Century Fox
Fox Corporation becomes stand-alone company as Disney deal set to close
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21 March, 2019

Walt Disney Co. completed its $71 billion acquisition of 21st Century Fox Inc.'s entertainments assets, and now must get to the task of squeezing out promised cost savings, an effort that will lead to thousands of firings in the film and TV business. Yes, it means that within the next couple of hours or so, the likes of Deadpool, X-Men and the Fantastic Four will all be back home where they belong.

Disney said the acquisition would help "increase its global footprint" and "expand its direct-to-consumer offerings", which includes ESPN+, plus its much-anticipated video streaming service Disney+, set to launch in late 2019. This merger is nothing short of historic, as it's one of the biggest deals the industry has ever seen and will see Disney take control of all of Fox's movie and TV assets.

Disney also said Kevin Mayer and James Kapenstein have stepped down from its board.

Fox Corporation - a new standalone company that owns Fox News, among other properties - announced Tuesday the hiring of former House Speaker Paul Ryan (R-WI) to its board of directors.

Fox Corporation becomes stand-alone company as Disney deal set to close
Fox Corp. Emerges As Standalone Company, Names Paul Ryan To Board

Though it dropped its bid for Fox's stake in Sky, Disney gets other worldwide properties from Fox, including Star India, a major Mumbai-based media company with dozens of sports and entertainment channels; and stakes in Tata Sky, an Indian satellite TV provider and Endemol Shine Group, a Dutch-based media company.

To celebrate the acquisition, Deadpool actor Ryan Reynolds posted to his Twitter account a photo of Deadpool wearing a pair of Mickey Mouse ears while riding in a Disney school bus. As for New Mutants, it is now being mulled over according to the report, with it possibly avoiding theaters at all and just being released on Disney+, Disney's upcoming streaming service.

Disney will take ownership of several creative properties from Fox, including the "X-Men" franchise, rights to the original and prequel "Star Wars" films, the "Avatar" series, and more.

A less-heralded addition, National Geographic, also provides a documentary and nature component, which figures prominently in Disney's plans, where the diverse array of programming also includes ABC News and ESPN.

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