Disney, Fox merger set to close March 20

Disney Co

Disney's acquisition of Fox is lastly coming to fruition. "I'd like to congratulate Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company", he said.

A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017.

Disney will also acquire FX Networks, National Geographic Partners, Fox Sports Regional Networks, Fox Networks Group International, Star India and Fox's interests in Hulu, Sky plc, Tata Sky and Endemol Shine Group.

The house of mouse has said the acquisition is expected to become effective at 12:02am ET on 20 March, 2019.

Disney had originally made the deal for $52.4 billion but after Comcast put in a bid, Disney had no choice but to raise its offer. "Eastern Time on March 20, 2019, subject to the satisfaction or waiver of the conditions to the consummation of the Acquisition set forth in the documentation governing such transaction".

The Murdochs also will retain the legendary Fox Studios lot on Pico Boulevard near Century City.

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In recent weeks, Disney has been stitching up the final regulatory approvals from Latin American countries, including Brazil and Mexico.

The Federal Telecommunications Institute (IFT) said because the combined audiovisual content of the two in the field of "factual" programming on pay TV would be worth more than 40 percent of the market, steps would need to be taken.

Analysts expect that Disney will lay off at least 5,000 people - some on the Fox side, others on the Disney side - as a result of consolidation.

Disney already owns the ABC broadcast television network, sports broadcasting group ESPN and major Hollywood film studios along with theme parks around the world.

On the film side, Fox's Emma Watts will run the 20th Century Fox studio and Fox Searchlight, the specialty division, will continue to be helmed by Stephen Gilula and Nancy Utley.

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