It took 15 months and nearly $20 billion more than originally planned, but the Walt Disney Company has officially closed on its $71.3 billion purchase of 21st Century Fox, putting into motion one the industry’s most massive transformations ever. (Adweek)
The Walt Disney Company will gain control of the Twentieth Century Fox’s movie and TV studios, cable networks like FX and National Geographic, India’s Star network and Fox’s 30 percent stake in Hulu, while 21st Century Fox will transform into a more slimmed-down broadcast TV company focusing on live news and sports, and simply named Fox Corp. (TVNewser)
As Disney absorbs its new businesses from 21st Century Fox, TV buyers are preparing to navigate a new landscape, especially with upfronts looming. (Adweek)
The merger is expected to result in as many as 4,000 lost jobs. The axe has yet to fall, but many staffers believe pink slips could be handed out this week. There are rumors some employees will be asked to stay on for a transitional period while others will be given severance packages almost immediately. Employees who are staying on expect to be told who they will report to by Thursday. (Variety)
Virtually all Disney-fied Fox employees are staying put in their current digs in Century City, Los Angeles with some of the top executives, including Peter Rice and Dana Walden, as well as the recently brought in Craig Hunegs splitting their time between offices at Fox and on the Disney lot in Burbank. Additionally, Disney CEO Bob Iger is expected to also have an office and presence in Century City. (Deadline)