Disney to Take Over 21st Century Fox on March 20

Andrew Cummings
March 15, 2019

Disney's acquisition of Fox is lastly coming to fruition.

Announced by Disney and Fox, the acquisition, which was first announced at the end of 2017, is expected to officially close on March 20, 2019, at 12:02am ET.

If the Election Deadline is rescheduled, 21CF and Disney will publicly announce the rescheduled Election Deadline.

The news was made known in a release from Disney that stated they had received its last major approval from regulators in Mexico.

It also vastly reduces the empire of media mogul Rupert Murdoch and his family, who are planning a "new Fox" that includes the USA broadcast network and the Fox News Channel. 21st Century Fox shareholders can have till Thursday to decide on the amount of money and Disney inventory to obtain, valued at $38 a share within the deal.

In addition, Disney is also receiving 21st Century Fox's investment in Hulu, giving them the majority stake in the streaming platform.

The acquisition will become effective at 12:02 AM EST on March 20. The remaining parts of 21st Century Fox will be spun-off into the newly formed "Fox" - led by Lachlan Murdoch.

It's been a very busy year for Walt Disney Studios' Alan Horn.

The consolidation of the two entertainment companies is expected to result in over 4,000 layoffs. Like with Brazil last month, the main sticking point was Disney's putative ownership of Fox Sports given the importance of soccer rights; the combination of Fox and Disney's ESPN was also viewed warily by regulators in the US and Europe, with major agencies there requiring divestitures. 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.

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