Disney Completes Negotiations to Acquire Fox in $71.3 Billion Deal

Disney 20th Century Fox

The deal is likely to shake up the media landscape. It is estimated that the merger gives Disney control of 40% of all theatrical box office and puts it in a position to take on the digital streaming services such as Netflix, Amazon and Apple.

As per The Hollywood Reporter, 4,000 layoffs are expected as Disney promises US$2 billion in cost savings, with cuts to be felt in roles that are overlap between the two companies, such as marketing, distribution, and home entertainment.

While the Fox led X-Men films have done well at the box office, there's always been a want for them to return to Marvel after the MCU took off. Fox's productions also include "The Americans", "This Is Us" and "Modern Family". Disney now owns 20th Century Fox movie and television studio, Fox's 22 regional sports channels (that will soon be sold off), cable channels including FX and National Geographic, and Fox's portfolio of global operations, including a fast-growing pay-TV service in India. Disney would get valuable data on customers and their entertainment-viewing habits, which it can then use to sell advertising.

Ryan and three other board of directors were appointed on Tuesday. Those deep-pocketed companies have been pouring money into making their own TV shows and movies.

The exterior of Fox Studios is pictured, Tuesday in Los Angeles.

Fox Corporation becomes stand-alone company as Disney deal set to close
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Although the deal was expected to close in 2018 and many fans have practically considered it a done deal for nearly a year, Fox confirmed in a tweet Tuesday that it has completed the distribution of all issued and outstanding shares with Disney.

The deal hit a snag in 2018 when Comcast unexpectedly bid $65 billion to lure Fox away from Disney. Disney gets far ranging properties ranging from Fox's film studios, including "Avatar" and X-Men, to its TV productions such as "The Simpsons" and networks including National Geographic.

No pricing has been disclosed for Disney Plus. Disney charges $5 a month for ESPN Plus, a service that offers programming distinct from the ESPN cable channel.

In a deal that will have a seismic effect on entertainment and television, Disney has finally completed negotiations to acquire Fox.

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