Tuesday, July 5, 2022

Walt Disney closes Fox’s $ 71.3 billion acquisition


Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com

The American entertainment giant Walt Disney has completed the $ 71.3 billion acquisition of large parts of its 21st Century Fox rival on Wednesday. “This is an extraordinary and historic moment for us, which will create significant long-term value for our company and our shareholders,” announced Disney CEO Bob Iger.

Disney swallows through the acquisition, among others, the legendary film studio 20th Century Fox and various television channels Fox.

In addition, attractive investments such as the Star India network and the Hulu streaming service are changing hands. With this, the Hollywood giant is gearing up, not least for its planned attack on Netflix in the booming market for online television services.

However, Fox mogul Rupert Murdoch’s Fox group will only keep its flagship news Fox News and the biggest sports broadcasters split off into a new company.

The shareholders approved the takeover agreed in December 2017, which was delayed by a month-long bidding dispute between Disney and the cable company Comcast, in July 2018. The American antitrust authorities had previously given the green light.

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