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21st Century Fox announces Disney’s $71 billion acquisition officially closes tomorrow

on March 19, 2019, 11:41am

It’s been over a year since news broke that Disney was in talks to acquire 21st Century Fox. This morning, 21st Century Fox announced that it had finalized its restructuring of parent company, Fox Corporation, and that the acquisition will officially go into effect on March 20th at 12:02 a.m. ET.

Per the agreement that was announced in December 2017, starting tomorrow, Disney will obtain 21st Century Fox’s movie and TV studios, along with all associated intellectual property. Notably, this means that the House of Mouse has gained the rights to a number of major franchises, including Avatar, Alien, Planet of the ApesThe Simpsons, The X-Files, Die Hard, and Predator. What’s more, it finally brings all of Marvel Comics’ characters back under one roof as X-MenFantastic Four, and Deadpool will now belong to Marvel Studios.

The deal also includes a number of networks, such as FX Networks, National Geographic, and Fox Sports Regional Networks. Meanwhile, the Murdoch family will retain their broadcast news network with channels like Fox News and Fox Sports. As a result of the merger, Fox Corporation just named former Republican Speaker of the House Paul Ryan to its board of directors.

(Read: 10 Ways Disney Buying 20th Century Fox Could Change the Marvel Cinematic Universe)

Of course, as tends to happen in such major acquisitions, there’s also a human cost to all this. Reports indicate that up to 4,000 jobs could be lost as Disney makes cuts in redundant positions caused by merging with the century-old film and TV studio.

In order to finalize the transaction — which ultimately cost Disney a whopping $71 billion — 21st Century Fox has separated entirely from the Fox Corporation, with the two entities divided into two standalone, publicly traded companies. On Wall Street, the Fox Corp. will continue to be traded under “FOX” and “FOXA”, while 21st Century Fox is now listed under the symbols “TFCFA” and “TFCF”.

Ryan Reynolds, star of Deadpool, remarked on the merger with a tweeted image:

While Al Jean of The Simpsons shared an original drawing:

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