Disney closes $71bn acquisition of Twenty-First Century Fox's assets

Fox Corporation becomes stand-alone company as Disney deal set to close

Disney completes $71B acquisition of much of Fox entertainment

Early this morning saw a union of two big studios: Walt Disney and 20th Century Fox. "The new Fox will begin as the only media company exclusively focused on the domestic market; focused on what Americans love best - sports, news and entertainment, built and delivered for a USA audience", Rupert Murdoch stated the previous year. Like with all upcoming Fox films, it's now unknown if they will be releasing in cinemas as planned, sent directly to either Disney+ or Hulu, sold to another distributor, or cancelled altogether. We've never been satisfied with the status quo, and our vision for this transformative era is our boldest yet.

"The company that we knew and loved is changing, but it's time for us to build an entirely new empire", he says. As part of the acquisition, Disney is expected to cut "thousands" of jobs as it eliminates duplicate jobs as part of the massive the restructuring, according to multiple reports.

Our integration process will be an evolution, with some businesses impacted more than others. We've made many critical decisions already, but some areas will require further evaluation. "We're committed to moving as quickly as possible to provide clarity regarding how your role may be impacted".

In regards to the future of post-merger Disney, Iger added the following to his staff notice: "I wish I could tell you that the hardest part is behind us; that closing the deal was the finish line, rather than just the next milestone".

Iger concluded the memo by asking for employees' patience as the company consolidates the assets it bought from Fox. "I understand the challenges, and I ask for your continued patience in the days to come as we combine this collection of great assets to create the world's premier entertainment company", he said (via The Hollywood Reporter).

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Disney will now be under pressure to realise cost savings from the merger, with a significant number of redundancies expected in the combined company's USA workforce.

As mentioned above, Fox Animation is part of this merger, which includes Greenwich, Connecticut-based Blue Sky Studios, however, details haven't been revealed about how that division will be operated now that it's under the same business as Disney's much more successful feature animation companies, Walt Disney Animation Studios and Pixar Animation Studios.

On Tuesday actor Ryan Reynolds tweeted a picture of his "Deadpool" character in a Disney-branded school bus.

Feels like the first day of 'Pool. Take a peek above, then see the full snap at the bottom of this article. In terms of the comic book stuff, we will be seeing the X-Men and Fantastic Four return to Marvel.

Though it dropped its bid for Fox's stake in Sky, Disney gets other global properties from Fox, including Star India, a major Mumbai-based media company with dozens of sports and entertainment channels; and stakes in Tata Sky, an Indian satellite TV provider and Endemol Shine Group, a Dutch-based media company. Disney also acquires Fox's 30 percent stake in Hulu, giving it majority control.

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