LOC18:17
15:17 GMT
WASHINGTON, Dec 14 (KUNA) -- Disney will buy Fox's TV and movie studios, cable networks, and international TV businesses for USD 52.4 billion in a deal described as a "megamerger" that is expected to change the landscape of entertainment and media.
The Disney brand is already behind ABC, ESPN, the Marvel Comic, and Star Wars movies.
Under the terms of the deal, Fox broadcast networks, Fox News and Business channels will be set as a separate company, according to the Washington Post.
The Chairman and Chief Executive of Disney, Robert Iger, will continue leading both entities through 2021.
"The acquisition of this stellar collection of businesses from 21st Century Fox reflects the increasing consumer demand for a rich diversity of entertainment experiences that are more compelling, accessible and convenient than ever before," Iger said in a statement Thursday morning. "We're excited about this extraordinary opportunity to significantly increase our portfolio of well-loved franchises and branded content to greatly enhance our growing direct-to-consumer offerings."
The deal must still be approved by regulators and shareholders but it is not expected to face any backlash.
It could result in almost USD 75 billion in revenue, with a third of the profit coming from Fox's assets. (end)
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