In a deal that will have a seismic effect on entertainment and television, Disney has finally completed negotiations to acquire Fox. The deal is worth a reported $71.3 billion with assets such as Fox film and TV studios, National Geographic, FX Networks, a number of international channels, and a third of Hulu. In addition, Disney also acquired the rights to such film franchises such as X-Men, Deadpool, The Fantastic Four, and Avatar.
This deal is the culmination of talks that began in 2017 when CNBC reported the early negotiations. Comcast attempted to slide in on the deal with a $65 billion, all-cash offer but that never materialized. Fox's sale to Disney was approved by the Justice Department in June 2018 and approved by 21st Century Fox shareholders just a month later.
Fox will function as a standalone corporation which will continue to oversee the broadcasting channel as well as Fox News and Fox Sports. It is being reported that 4,000 layoffs could be imminent as the companies finalize the consolidation.