Information coming in indicates that the Walt Disney Co. has closed its $71.3 billion acquisition of large parts of 21st Century Fox, expanding its global reach and content portfolio ahead of the planned launch of its own video streaming service.

With the mega-deal, Disney, led by chairman and CEO Bob Iger, is adding the Fox film and TV studio, the FX networks, National Geographic, Indian TV giant Star India and Fox’s 30 percent stake in streaming service Hulu to its portfolio. The additional Hulu portion takes Disney’s stake in the streamer to 60 percent (with Comcast owning 30 percent, and AT&T’s Warner Media 10 percent).

Using fiscal-year 2017 data, Disney said in a regulatory filing that the new assets could quickly add about $19.3 billion in annual revenue and $1.6 billion in net income. In that fiscal year, Disney reported $55.1 billion in revenue and $9.4 billion in net income.

Disney has promised $2 billion in cost savings from the Fox takeover, with some in the industry expecting between 4,000-10,000 layoffs.

Read on: https://redcheetahnews.com/just-in-disney-corporation-acquires-21st-cent-fox/

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