Disney says acquisition of 21st Century Fox to close on March 20

DISNEY Sets Closing Date for 21st Century Fox Acquisition

The deal will see Disney gain control of 20th Century Fox film and TV studios, Fox Television Group (along with cable channels such as FX), worldwide networks, as well as a 73% stake in National Geographic Partners, Indian television broadcaster Star India, Blue Sky Studios, a 50% stake in Endemol Shine Group, a 30% stake in Tata Sky, and a 30% stake in Hulu - boosting the company's stake in the streaming service to 60%.

The news arrived alongside the deadline for holders of 21st Century Fox's common stock to elect the form of consideration they wish to receive in preparation for closing. Eastern Time on March 20, 2019.

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

The Federal Telecommunications Institute (IFT) said because the combined audiovisual content of the two in the field of "factual" programming on pay TV would be worth more than 40 percent of the market, steps would need to be taken. The compromise requires that Disney sell the Fox Sports channels in Brazil and Mexico.

Analysts expect that Disney will lay off at least 5,000 people - some on the Fox side, others on the Disney side - as a result of consolidation. Company insiders have said there could be more than 3,000 layoffs in the coming months as the companies figure out staffing for their new organizations. Peter Rice, one of Murdoch's longtime lieutenants, will become chairman of the Burbank-based television group, reporting to Iger.

The U.S. Justice Department has said Disney, which owns cable sports network ESPN, must divest Fox's 22 networks that provide sports programming for regional and local markets. The Fox executives will report to Disney Studios Chairman Alan Horn.

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