Who knew that Mickey Mouse had that type of money lying around. The Walt Disney Company bought 20th Century Fox for $52.4 billion in an all in stock deal.This deal includes film and television studios, cable and international TV businesses.
According to Variety, Disney CEO Bob Iger expressed his excitement about this historic buyout, saying, “The acquisition of this stellar collection of businesses from 21st Century Fox reflects the increasing consumer demand for a rich diversity of entertainment experiences that are more compelling, accessible and convenient than ever before.”
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“We’re honored and grateful that Rupert Murdoch has entrusted us with the future of businesses he spent a lifetime building, and we’re excited about this extraordinary opportunity to significantly increase our portfolio of well-loved franchises and branded content to greatly enhance our growing direct-to-consumer offerings. The deal will also substantially expand our international reach, allowing us to offer world-class storytelling and innovative distribution platforms to more consumers in key markets around the world,” he said. ⠀⠀⠀⠀⠀⠀⠀⠀
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Due to this massive deal, Iger extended his contract with Disney until 2021 to make sure the acquisition goes well. Also, If you had shares in Disney, it rose 39 cents and Fox shares rose 44 cents. ⠀⠀⠀⠀⠀⠀⠀⠀
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Fox chairman, Rupert Murdoch said, “We are extremely proud of all that we have built at 21st Century Fox, and I firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace in what is an exciting and dynamic industry. Furthermore, I’m convinced that this combination, under Bob Iger’s leadership, will be one of the greatest companies in the world. I’m grateful and encouraged that Bob has agreed to stay on, and is committed to succeeding with a combined team that is second to none.”
