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Disney to acquire major stake in 21st Century Fox

Disney to acquire major stake in 21st Century Fox

Mubasher: The US-based Walt Disney Company on Thursday announced that it had reached a landmark deal to buy a major stake in 21st Century Fox Company in consideration of $52.4 billion, in addition to $13.7 billion in net debt assumed by Disney.

Disney will also acquire 21st Century Fox's film production businesses, along with its television production units, including FX Networks, National Geographic Partners, and Fox Networks Group International, according to a company statement.

“21st Century Fox will separate the Fox broadcasting network, Fox News Channel, Fox Business Network, and some national sports networks into a new company that will be spun off to its shareholders,” CNN Media reported.

“I firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace in what is an exciting and dynamic industry,” said Murdoch, 21st Century Fox’s executive chairman.

As part of the deal, Disney’s chairman and CEO Bob Iger agreed to stay on until the end of 2021, Disney remarked, noting that the closing of the deal would be pending the approval from shareholders and antitrust regulators.