The Walt Disney Co., today said that its acquisition of 21st Century Fox will close on March 20 at 12:02 Eastern Time.
The $71 billion deal gives Disney Fox’s movie and studio assets, Fox’s entertainment cable networks, as well as a controlling stake in Hulu, giving it content ammunition to support its plans to move into the streaming business with Disney+, scheduled to launch later this year.
Fox’s broadcast network, its national sports networks and Fox News Channel will be part of the new Fox.
Fox’s regional sports networks are in the process of being sold off by Disney as part of an agreement to get the transaction approved.
Disney has already announced a series of management changes that will become effective with the deal closing including putting Fox’s Peter Rice in charge of the Disney TV operations.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.