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Disney has closed its $71.3bn acquisition of the entertainment assets of 21st Century Fox, reducing the number of US majors to five in an historic change that will have broad repercussions for Hollywood and the global media landscape.
The deal officially closed at12:02am ET on Wednesday (20). As analysts anticipate thousands of lay-offs in the coming year or so – possibly as much as 10,000 over time, according to analyst Rich Greenfield of BTIG, who is notably antagonistic towards Disney and legacy media – the fate of many senior executives at Fox is yet to be decided as senior executives from both sides work out how to integrate divisions.
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“This is an extraordinary and historic moment for us – one that will create significant long-term value for our company and our shareholders,” Disney chairman and CEO Iger said on Tuesday afternoon (19). “Combining Disney’s and 21st Century Fox’s wealth of creative content and proven talent creates the preeminent global entertainment company, well positioned to lead in an incredibly dynamic and transformative era.”
Iger famously beat out Comcast chief Brian L. Roberts to the prized entertainment assets of his quarry, and the deal marks...
(Excerpt) Read more at: Screen
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