21st Century Fox bought by Walt Disney Company for $52.4 billion
As reported by Reuters, Walt Disney Company buys the 21st Century Fox. Disney got this for $52.4 billion (this is equivalent to 3.36 lakh crore in INR). The most famous Walt Disney company agreed to by all most all the assets of the21st Century Fox, this was under the control of Rupert Murdoch. The deal would also allow Disney to compete with tech giants such as Facebook, Amazon, Google, and Netflix.
Disney generally, buys the films, television and international businesses. It also take on the net debt of $13.7 billion of 21st Century Fox. Now Fox will keep its news on most interesting business news divisions, Fox sports and its broadcast stations.
To complete the most interesting process, merging of these the Chief Executive Officer of Disney Bob Iger will extend his tenure till 2021, but in March he said that he was going to retire in the month of July 2019.
The deal has come out at the time when 20th Century Fox the historic Hollywood Studio is under struggle to keep up with online sources of entertainment and this also includes Netflix and Amazon among others.
Earlier, Disney has announced that it is going to launch its own streaming services like Netflix in the upcoming years.
The New York Times reported that, while others started making films for online distribution, some operations of 2oth Century Fox will be merged with Walt Disney studios, and this may result in downsizing of Century Fox. Disney will get the FX and National Geographic cable networks, as well as stakes in two large television-service providers, Britain’s Sky and India’s Star, the report said.
Iger, the CEO of Disney said that they were honored and greatful that Rupert Murdoch has entrusted them and handed over the future of businesses as he spent his life time in building it.
The Fox studios was found in the year 1935 and this has been credited with many classics such as “The sound of Music” and the first Star Wars movie.