Disney and Fox Merger Will Become Official at Midnight
Following 15 months of back-and-forth negotiations, Disney is finally set to acquire Fox at 12:02 a.m. on Tuesday Wednesday morning. The number that made things official was $71.3 billion (up from the original $52.4 billion offer), and the assets that are heading to Disney in the merger include: Fox's film and TV studios, FX Networks, National Geographic, several international channels, and nearly one-third of Hulu (which now gives Disney a 60 percent majority ownership of that streamer with their eyes on more).
20th Century Fox will no longer function as a standalone studio, and Disney also has major properties to add to their library, like X-Men, Deadpool, The Fantastic Four, and Avatar, prior to the launch of their own streaming service, Disney+.
The industry is expecting as many as 4,000 layoffs once the consolidation of the two mega-companies is complete.
With the deal now a few hours from being just that, just over half (52 percent) of Fox shareholders opted to be paid $38 a share in cash, while 37 percent have chosen to get Disney shares.