It means the consolidation of media power into fewer hands. Will it mean any change for Fox News management and political policy and orientation? TBD.
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Via Email to James George
"Disney Closes $71.3 Billion Fox Deal, Creating Global Content Powerhouse
9:02 PM PDT 3/19/2019 by Georg Szalai , Paul Bond
Credit: The Walt Disney Company
Walt Disney chairman and CEO Bob Iger and mogul Rupert Murdoch.
Wall Street and other experts have lauded the strategic benefits for Disney, but also highlighted the cost of launching a streaming service later this year, which will be a drag on earnings.
The Walt Disney Co. has closed its $71.3 billion acquisition of large parts of 21st Century Fox, expanding its global reach and content portfolio ahead of the planned launch of its own video streaming service.
With the mega-deal, Disney, led by chairman and CEO Bob Iger, is adding the Fox film and TV studio, the FX networks, National Geographic, Indian TV giant Star India and Fox's 30 percent stake in streaming service Hulu to its portfolio. The additional Hulu portion takes Disney's stake in the streamer to 60 percent (with Comcast owning 30 percent, and AT&T's Warner Media 10 percent).
Using fiscal-year 2017 data, Disney said in a regulatory filing that the new assets could quickly add about $19.3 billion in annual revenue and $1.6 billion in net income. In that fiscal year, Disney reported $55.1 billion in revenue and $9.4 billion in net income.
Disney has promised $2 billion in cost savings from the Fox takeover, with some in the industry expecting between 4,000-10,000 layoffs."
https://www.hollywoodreporter.com/news/disney-closes-fox-deal-creating-global-content-powerhouse-1174498
we do not protect the consumer anymore by not preventing monopolies taking over again. We have laws to protect us but are not enforced anymore.. I also understand that Rupert Murdoch is not running Fox News and other major parts of his organization now..
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