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Disney's $ 71 billion acquisition of 21st Century Fox's assets will take effect Wednesday, March 20, the two companies said Tuesday morning, CNN reported.
"It will be a historic event in the entertainment industry: the merger of two movie studios and the end of Fox, as we all knew," tells the story. "20th Century Fox studio members are preparing for layoffs and other important changes."
Disney will own the studio, a majority stake in Hulu and a suite of entertainment channels including FX and Nat Geo, among other assets. What's left of 21st Century Fox will be transformed into a new company called Fox, which will include the Fox broadcast network, Fox News and Fox Sports.
"Analysts expect Disney to fire at least 5,000 people – some from the Fox side, some from the Disney side – because of consolidation," CNN reports. "The company did not comment on specific plans, but investors were told to expect" cost synergies of at least $ 2 billion by 2021 thanks to the efficiency gains achieved through the consolidation of activities. "
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