Disney closes US$71 billion deal for Rupert Murdoch’s Fox entertainment assets
- Disney takes over a portfolio that includes 20th Century Fox studio, the FX and National Geographic cable networks, and an additional 30 per cent of Hulu, the online video service
- Sale also represents the end of an era for Rupert Murdoch, the 88-year-old media mogul who steered the Fox studio for nearly four decades
Disney has closed its US$71 billion acquisition of Fox’s entertainment business, putting Cinderella, ‘The Simpsons, Star Wars and Spider-Man under one corporate roof.
The deal is likely to shake up the media landscape. Among other things, it paves the way for Disney to launch its streaming service, Disney Plus, due out later this year.
By buying the studios behind The Simpsons and X-Men, Disney aims to better compete with technology companies such as Amazon and Netflix for viewers’ attention – and dollars.
The sale also represents the end of an era for Rupert Murdoch, the 88-year-old media mogul who steered the Fox studio for nearly four decades.
Disney needs compelling TV shows and movies to persuade viewers to sign up and pay for yet another streaming service.
It already has classic Disney cartoons, Star Wars, Pixar, the Muppets and some of the Marvel characters. With Fox, Disney could add Marvel’s X-Men and Deadpool, along with programs shown on such Fox channels as FX Networks and National Geographic. Fox’s productions also include The Americans, This Is Us and Modern Family.