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Mickey Mouse buys FoxDisney announces a deal worth over $66 billion, will acquire most of 21st Century Fox's movie and TV assets. But will the deal go through?
It's official. Fox is moving into the the house of mouse. Disney announced it was purchasing a large chunk of assets from 21st Century Fox for $54.2 billion of its stock in a mega deal worth $66.1 billion. It's one of the biggest moves in the film business, with almost all of Fox headed to the Walt Disney Company, including its movie and TV studios, entertainment and cable channels, and intellectual properties. The only assets not part of the deal are Are Fox News, the Fox Broadcast Channel, Fox Sports 1 and the Companies real estate portfolio. The news comes as Disney attempts to grow and launch its own streaming services as competitors to options like Netflix. It might be a geek's dream merger since it brings the rights to IPs like X-Men and Fantastic Four under Disney's watchful eye. But there's also critics of the field who say it's anti-competitive. This purchase eliminates one of the six major studios in Hollywood. And in 2016, Fox and Disney combined for over 40% of market share. So the merger could be considered dangerously close to monopoly territory. Disney CEO, Bob Iger, lotted the deal in a statement saying, " We're excited about extraordinary opportunity to significantly increase our portfolio of well-loved franchises and branded content to greatly enhance our growing direct-to-consumer offerings, unquote. It remains to been seen whether the Department of Justice will approve the sale. Iger expects they reviewed it last 18 months but it the packed holds it's expected to dramatically alter the landscape of entertainment. What do you think will happen? Drop your predictions down in the comments. For more, check out CNET.com. I'm Ashley [UNKNOWN], be good humans.