Walt Disney buys Murdoch's Fox for $52.4bn

Walt Disney buys Murdoch's Fox for $52.4bn
From BBC - December 14, 2017

Walt Disney says it is to buy 21st Century Fox's entertainment assets for a total $52.4bn (39bn).

The deal includes Fox's 39% stake in satellite broadcaster Sky, and the 20th Century Fox film studio, Disney announced.

Fox's remaining assets, including Fox News and Sports, will form a new company.

The deal ends more than half a century of media expansion by Fox owner Rupert Murdoch, who is 86 years old.

He turned a single Australian newspaper he inherited from his father at the age of 21 into one of the world's largest news and film empires.

Mr Murdoch's shift to selling assets rather than buying them has come as a surprise to those who expected him to hand over the businesses to his sons, James and Lachlan.

James Murdoch had been widely tipped to be given a senior role at Disney.But Disney chief executive Bob Iger told Good Morning America: "James and I will be talking over the next couple of months. He will be integral to the integration process. He and I will be discussing whether there is a role for him or not at our company."

Mr Iger will remain in his role until the end of 2021.

It is not clear how the deal will be received by US competition regulators.


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