Not long after midnight tonight (Eastern Time), 21st Century Fox will officially be part of Disney, with the longstanding acquisition finally completed.
By tomorrow, Disney will own 21st Century Fox – as well as other assets – meaning Disney now has the rights to hit movies such as Deadpool, X-Men and Avatar.
Fox shareholders will reportedly receive $38 per share in cash and stock following the $71.3 billion merger, with Disney planning to issue 343 million new DIS shares for Fox shareholders.
According to an official press release from 21st Century Fox:
Twenty-First Century Fox, Inc. (“21CF”) (NASDAQ: TFCFA, TFCF) announced that it has today completed the distribution of all issued and outstanding shares of Fox Corporation (“FOX”) common stock to 21CF stockholders (other than holders of the shares held by subsidiaries of 21CF) on a pro rata basis (the “Distribution”).
21CF and FOX are now each a standalone, publicly traded company. FOX Class A common stock and FOX Class B common stock are now listed on the Nasdaq Global Select Market (“Nasdaq”) under the symbols “FOXA” and “FOX,” respectively.
21CF Class A common stock and 21CF Class B common stock, which were formerly listed on Nasdaq under the symbols “FOXA” and “FOX,” respectively, are now listed on Nasdaq under the symbols “TFCFA” and “TFCF,” respectively.
The Walt Disney Company’s (“Disney”) acquisition of 21CF will become effective at 12:02 a.m. Eastern Time tomorrow, March 20, 2019.
So tomorrow Disney will officially own 21st century fox. Can't wait for a world rules by Disney and Google. How do you like your mickey mouse shaped waffles?
— King casual (@Musicedge2) March 19, 2019
The historically significant deal was initially approved in July 2018. However, before it could be finalized, major share approval was needed from Mexican regulators. This approval came through on March 11, as reported by Variety.
With the deal finally concluded, Fox now comes under Disney’s umbrella of studios, which includes fellow giants such as Pixar, Marvel, and Lucasfilm.
As reported by Variety, MoffettNathanson analyst Michael Nathanson has discussed the power of the Disney brand in relation to this latest acquisition:
Disney is a brand, not a name of a corporate holding company, and has clear, well defined and widely embraced brand strengths plus an undeniable track record of producing excellent content,
The company has historically taken big swings… and won over the past few decades. From building theme parks around the world to acquiring Pixar et al., Disney has continually invested for long-term growth and sustainability.
While Disney+ doesn’t have a paying subscriber yet, the company will own an unrivaled film and TV library, multiple mass marketing vehicles to activate consumer interest and a technology platform in BAMTech that seems to be ready to go.
THIS JUST IN: Disney to officially claim full ownership of 21st Century Fox on March 20, 2019! And in doing so, welcomes back the Fantastic Four and X-Men to @MarvelStudios! pic.twitter.com/AatJRZd5nz
— Bmanlegoboy (@Bmanlegoboy) March 12, 2019
According to The Hollywood Reporter, the human cost of the acquisition could be devastating, with a potential 4,000 jobs facing the axe.
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Jules studied English Literature with Creative Writing at Lancaster University before earning her masters in International Relations at Leiden University in The Netherlands (Hoi!). She then trained as a journalist through News Associates in Manchester. Jules has previously worked as a mental health blogger, copywriter and freelancer for various publications.