Disney announces that its takeover of Fox will take effect March 20

by



[ad_1]

It will be a landmark event in the entertainment industry: the merging of two movie studios and the end of Fox, as we all knew.

Staff at 20th Century Fox are preparing for layoffs and other major changes.

Disney (DIS) takes the studio, a majority stake in Hulu, a suite of entertainment channels such as FX and Nat Geo, as well as other assets.
The remaining parts of 21st Century Fox (FOX) will be transformed into a new company simply known as Fox. It will include the Fox, Fox News and Fox Sports broadcast network.
This offer was proposed in December 2017. Comcast had tried to oppose it, but Disney had made a much higher offer to the Murdoch family and Fox shareholders. Disney prevailed in July 2018.

Since then, companies have been seeking all the necessary regulatory approvals. The networks controlled by Fox have been "in a state of strange emptiness", as AdWeek said recently.

The new structure of the Disney-Fox handset has been sketched by senior executives.

On Tuesday, companies detailed some of the last steps to be taken before the agreement was reached. However, the cuts that a leader has described as inevitable remain unclear.

Analysts expect Disney to fire at least 5,000 people – some from Fox, others from Disney – because of the consolidation. The company has not commented on these projects, but investors have been asked to "expect cost synergies of at least $ 2 billion by 2021 thanks to the gains of Efficiency achieved through the consolidation of activities ".

On the day of the announcement of the agreement, the White House said the merger would be beneficial to the workers.

"I know that the president spoke to Rupert Murdoch earlier in the day and congratulated him on this agreement.He thinks – to quote one of the president's favorite words – that this could be a very good thing for jobs " [he] certainly looks forward to seeing more of these creations, "said spokeswoman Sarah Sanders at the time.

[ad_2]

Source link