UPDATED 3/21 Should it be a national holiday or a day of mourning? Disney says its Fox takeover will take effect on March 20

[Travisma 1,317]

Disney's $71 billion deal to buy most of 21st Century Fox will take effect on Wednesday, March 20, the companies said Tuesday morning.

It will be an epochal event in the entertainment business — the merging of two movie studios and the end of Fox as we all knew it.

Staffers at the 20th Century Fox studio are bracing for layoffs and other big changes.

Disney (DIS) is picking up the studio, a controlling stake in Hulu, a suite of entertainment channels like FX and Nat Geo, and other assets.

 

 

The remaining parts of 21st Century Fox (FOX) will be spun off into a new company simply known as Fox. It will include the Fox broadcast network, Fox News and Fox Sports.

This deal was proposed in December 2017. Comcast tried to counter, but Disney made a much higher offer to the Murdoch family and Fox shareholders. Disney prevailed in July 2018.

Ever since then, the companies have been seeking all the necessary regulatory approvals. Fox-controlled networks have been in a "a strange state of limbo," as AdWeek put it recently.

The new structure of the combined Disney-Fox has been sketched out by executives.

 

And on Tuesday the companies detailed some of the final steps that have to happen before the deal closes. But there is still some uncertainty about the cutbacks that one executive called"inevitable."

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. The company has not commented on the specific plans, but investors have been told to expect "at least $2 billion in cost synergies by 2021 from operating efficiencies realized through the combination of businesses."

On the day the deal was announced, the White House said the merger would be good for workers.

"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.

 

[dblr....Rennie 224]

I wonder if that means Tim Allen's Last Man Standing will have to find another network?????????

[Grumpy and Grandma 740]

39 minutes ago, dblr....Rennie said:

I wonder if that means Tim Allen's Last Man Standing will have to find another network?????????

Fox (FOX) will be spun off into a new company simply known as Fox. It will include the Fox broadcast network, Fox News and Fox Sports.

Nothing should change, ABC & DISNEY will not be connected to that side.

[YENSIDCAMPER 66]

Wait, isn't Disney considered liberal and Fox conservative?  If that is true what view point will prevail on the news side of the broadcast business?  I would think business wise both views would bring in more of the market than a singular view.

[keith_h 420]

17 hours ago, YENSIDCAMPER said:

Wait, isn't Disney considered liberal and Fox conservative?  If that is true what view point will prevail on the news side of the broadcast business?  I would think business wise both views would bring in more of the market than a singular view.

Disney is not getting the broadcast, news or sports portions of Fox. They are being spun to their own company still owned by Murdoch.

[Travisma 1,317]

Read the memo Disney CEO Bob Iger sent to employees after closing the $71 billion Fox deal

 

http://www.msn.com/en-us/money/companies/read-the-memo-disney-ceo-bob-iger-sent-to-employees-after-closing-the-dollar71-billion-fox-deal/ar-BBV0D1Y?ocid=ientp

 

Some of those growing pains are likely to include layoffs, which are expected to be in the thousands, as Disney and Fox pare down duplicate staff. Iger said the integration "will be an evolution, with some businesses impacted more than others." Fox and Disney have overlap in their film production staffs.

 

Having been on both sides of numerous acquisitions during my career, I have a deep appreciation for how this one impacts everyone involved, on both a personal and professional level. 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.

 

Yeah, but the impact to someone like Bob up there in the 1% club is a lot less than someone making a middle income wage.

[Travisma 1,317]

Check out the new Disney Corp homepage masthead!

https://www.thewaltdisneycompany.com/

[keith_h 420]

On 3/21/2019 at 9:21 AM, Travisma said:

Yeah, but the impact to someone like Bob up there in the 1% club is a lot less than someone making a middle income wage.

And I'm sure Iger will still get his bonus after it comes out that they didn't realize all the cost saving efficiencies they had hoped for.

[Travisma 1,317]

1 hour ago, keith_h said:

And I'm sure Iger will still get his bonus after it comes out that they didn't realize all the cost saving efficiencies they had hoped for.

They announced today they are closing down a Fox division and upwards of 4000 will be let go.

[the_Meirkat 5]

3 hours ago, Travisma said:

Check out the new Disney Corp homepage masthead!

https://www.thewaltdisneycompany.com/

 

I really do not like seeing the Simpsons posted with anything Disney related.  *sigh*  And now apparently, the Simpsons are Disney related.  Change is good but not for everyone all at the same time.