NEW YORK: Walt Disney Co. agreed on Thursday to buy key film
and television assets of 21st Century Fox, in a $52.4 billion deal set
to reshape the entertainment landscape and step up a challenge to
Netflix and emerging rivals in the streaming wars.
The
blockbuster stock transaction also vastly reduces the Fox media empire
built by Rupert Murdoch, leaving the 86-year-old tycoon and his two sons
with a more tightly focused group including the Fox broadcast network,
Fox News Channel and sports channels.
The deal will see
Disney acquire the vaunted Fox Hollywood film and television studios,
cable entertainment networks and international TV businesses, bringing
popular entertainment properties including “X-Men,” “Avatar,” “The
Simpsons,” FX Networks and National Geographic into Disney’s portfolio.
“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 Disney chief executive
Robert Iger in a statement.
Iger, who was previously expected to step down in 2019, will now stay on through 2021.
