Legacy making merger: Disney-Fox mega-deal set to close March 20

DISNEY Sets Closing Date for 21st Century Fox Acquisition

Mexico wanted reassurance that Disney would sell off Fox's regional sports networks (RSN's) to approve the merger.

Disney's $71.3 billion acquisition of 21st Century Fox is set to close next week.

The parts of 21st Century Fox that Disney is not purchasing: Fox Broadcasting Network, Fox News and Fox Sports, will be spun into a new company that will be called Fox.

The transaction includes 21st Century Fox's film and television studios, cable entertainment networks and global TV businesses, which brought popular entertainment properties including X-Men, Avatar, The Simpsons, FX Networks and National Geographic to Disney's portfolio.

It is reported the Disney-Fox deal is expected to go through next week as a reporter for CNN offers the news.


The Murdochs also will retain the legendary Fox Studios lot on Pico Boulevard near Century City. The deal is rich in worldwide television assets, including in Latin America and India.

In a letter to investors Disney said that the acquisition "is expected to become effective at 12:02 a.m". Eastern Time on March 20, 2019.

In recent weeks, Disney has been stitching up the final regulatory approvals from Latin American countries, including Brazil and Mexico. "While our base-case forecast shows that Disney could reduce leverage back to under 2x (the downside threshold for the prior 'A+' issuer credit rating) within two years, we believe Disney faces internal and external challenges that could delay that deleveraging process, resulting in adjusted leverage remaining above 2x", S&P wrote in a note. Company insiders have said there could be more than 3,000 layoffs in the coming months as the companies figure out staffing for their new organizations. And even after it is all said and done, it will still be a while before Fox's properties can fall under the Disney umbrella.

Disney already owns the ABC broadcast television network, sports broadcasting group ESPN and major Hollywood film studios along with theme parks around the world. Elizabeth Gabler will continue in her role running production at Fox 2000.

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