Historic Hollywood Merger

In what could be termed as a historic merger, one of Hollywood’s prestigious production house Walt Disney is set to buy another Hollywood’s most prestigious production house 21^st Century Fox. This deal is done for a whopping amount of $52.4 billion. To oversee the integration, Disney CEO Bob Iger extended his contract to 2021.

This deal marks a historic union of Hollywood heavy weights and will bolster Disney’s movie and TV businesses against the onslaught of new competitors. This deal will mean buying all of Rupert Murdoch’s empire which includes other sports and entertainment assets as well. This merger will give 25% of Disney’s share to Fox shareholders.

Speaking on the occasion, 21^st Century Fox chairman Rupert Murdoch said, “We are extremely proud of all that we have built at 21st Century Fox, and I firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace in what is an exciting and dynamic industry. Furthermore, I’m convinced that this combination, under Bob Iger's leadership, will be one of the greatest companies in the world. I’m grateful and encouraged that Bob has agreed to stay on, and is committed to succeeding with a combined team that is second to none.”