Sunday 21 April 2019

Disney closes €62.5bn deal for Fox assets

Mickey Mouse is now rubbing shoulders with The Simpsons
Mickey Mouse is now rubbing shoulders with The Simpsons

Walt Disney closed its $71bn (€62.5bn) acquisition of Twenty-First Century Fox's film and television assets yesterday, giving its upcoming streaming service a range of popular content as it takes on Netflix.

The deal will expand Disney's portfolio of some of the world's most popular characters, uniting Mickey Mouse, Luke Skywalker and Marvel superheroes with Fox's X-Men, 'Avatar' and 'The Simpsons' franchises.

The streaming service, Disney+, aims to make up for the continuing loss of subscribers from ESPN and other cable networks. The completion of the Fox deal comes nearly a year after Disney won a bidding war against cable company Comcast Corp for the assets.

Disney also said Kevin Mayer and James Kapenstein have stepped down from its board.

Separately, Fox Corp debuted on the Nasdaq on Tuesday and named former US House Speaker Paul Ryan, Formula One group CEO Chase Carey and two others to its board.

Reuters

Also in Business