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The major merger between the Walt Disney Company and 21st Century Fox is taking place faster than expected and will be officially completed on January 1, 2019. Over the years, Fox has achieved many successes through various media, but has decided to not be able to compete properly in film and television. They sought to sell these stores and quickly found that Disney was their preferred buyer. Comcast tried to get the deal out of Disney, but it simply had to charge them $ 71 billion for Fox's assets instead of the original $ 54 billion offer.
There has been a lot of resistance to the deal because of the monopoly that Disney continues to grow and the job losses that will result. From Disney's perspective, they see the Fox acquisition as a great way to optimize their content library before launching their own streaming service at the end of next year. Throughout the process, it was expected that the summer of 2019 would match the conclusion of the agreement, but it will actually be much sooner.
Related: What will become of Fox's R-Rated franchises under Disney?
Variety shares the news that 21st Century Fox President Peter Rice told Fox employees that the merger would "ready to close" January 1, 2019. This effectively means that 2018 will be the last year for Fox's current presentation and, as a result, the timing of the merger will be extended.
The shareholders of Disney and Fox officially approved the terms of the merger in July, less than a month after approval of the agreement by the Department of Justice. Since then, studios have sought approval from different countries around the world, while defining Disney's new hierarchy in a post-merge landscape. For his part, he joins Disney as a television executive. Disney has recently formalized many of these types of moves, while other executives have already found employment elsewhere for the merger.
The accelerated timing of the transaction comes after reports indicate that a finalization by the end of 2018 would be possible. They will miss this target in a day, because the two studios hope to become so at the end of the year. This is anything but an unforeseen problem with the agreement, but since the agreement has gone well so far, it's hard to imagine anything that would can prevent them from entering into the agreement on 1 January. After all, Rice said: All of Fox's current employees at a city hotel in their Los Angeles studio must be sure that date will be respected. The speed with which changes, such as the cancellation of certain projects or Marvel Studios' projects for the X-Men, are realized, remains to be seen. But, at least, we now know when the merger will be complete.
MORE: How the purchase of Fox will affect the current Disney properties
Source: Variety
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