In an announcement, 21st Century Fox has revealed that Disney has finished its absorption of the company at the cool cost of only $71 billion. The deal officially goes into effect March 20. Disney is gaining the studio, a controlling stake in Hulu, and entertainment channels including FX and Nat Geo. The remainder of 21st Century Fox’s assets, including the Fox broadcast network, Fox News and Fox Sports, will exist under the name Fox,
Analysts predict that Disney will layoff at least 5,000 employees as a result of consolidation and redundancy. When the deal was announced last year, The White House said that the merger would be good for jobs.
“I know that the President spoke to Rupert Murdoch earlier today and congratulated him on the deal and thinks—to use one of the President’s favorite words—’this could be a great thing for jobs’ and [he] certainly looks forward to seeing a lot more of those created,” spokesperson Sarah Sanders said then
The original deal was proposed in December 2017, with Comcast initially countering Disney’s first offer before Disney settled on the $71 billion price tag to be able to publish Fantastic Four comics without giving publicity to Fox’s film franchises.