Announcements have been coming through from various sources for the past few weeks. But today it is confirmed officially that Disney has bought Fox for $52.4bn (£39bn).
Disney has bought Fox in a deal that includes Fox’s 39% stake in Sky and the 20th Century Fox film studio. Fox’s remaining assets which include Fox News and Sports, will set up a new company.
86 year old Rupert Murdoch has been building his media stronghold for more than half a century now. Rupert took his Father’s Australian newspaper on a huge journey to become one of the worlds largest news and film empires. Mr. Murdoch will still control News Corp as they split away from 21st Century Fox in 2013, which owns the Times and The Sun newspaper.
Disney’s purchase will add to its huge back catalogue of high-grossing films including the original Star Wars movie and Marvel superhero films. Disney Chief Executive Bob Iger said that Disney was “incredibly excited” about the acquisition and that it was an “opportunity to expand iconic franchises”.
The sale does come as quite a shock to some as it was thought that his sons, James and Lachlan were to be inheriting this arm of the empire. James Murdoch has been tipped to be given a very senior role with Disney. Bob Iger has shown no indication of this happening or not.
“James and I will be talking over the next couple of months. He will be integral to the integration process. He and I will be discussing whether there is a role for him or not at our company.”
Fox is also selling assets including its FX and National Geographic cable channels and media company Star India.
Disney also will buy Fox’s stake in the Hulu video streaming service, giving it majority control of a competitor to Netflix.