Published: Fri, March 15, 2019
Business | By Eloise Houston

Disney and Fox set date for completion of acquisition

Disney and Fox set date for completion of acquisition

Winning Mexico's consent was the final hurdle for Disney to wrap up its 9-month quest to secure all of the government approvals that it needed. Like with Brazil last month, the main sticking point was Disney's putative ownership of Fox Sports given the importance of soccer rights; the combination of Fox and Disney's ESPN was also viewed warily by regulators in the US and Europe, with major agencies there requiring divestitures.

"The acquisition of this stellar collection of businesses from 21st Century Fox reflects the increasing consumer demand for a rich diversity of entertainment experiences that are more compelling, accessible and convenient than ever before", said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company.

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.

Meanwhile, Disney will not buy the rest of Fox's assets including Fox News so what will remain from the purchase will be put together and form a new company that will be called Fox Corporation.

That new company will include the Fox Broadcast Network, Fox Sports, and Fox News Channel.

"The acquisition is expected to become effective at 12:02 a.m".

Adam Bankhurst is a news writer for IGN who offered $20 for 21st Century Fox but was turned down, sadly. "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".

It's been a very busy year for Walt Disney Studios' Alan Horn.

The combination of the two companies is expected to lead to substantial job losses.

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