Acquisition of 21st Century Fox by Disney
The acquisition of 21st Century Fox by The Walt Disney Company took place on March 20, 2019. Among other key assets, the acquisition included the 20th Century Fox film and television studios, Fox Television Group (along with cable channels such as FX), international networks, a 73% stake in National Geographic Partners, Indian television broadcaster Star India, and a 30% stake in Hulu. Immediately preceding the acquisition, 21st Century Fox spun off the Fox Broadcasting Company, Fox Television Stations, Fox News Channel, the Fox Business Network, FS1, FS2, Fox Deportes and the Big Ten Network into the newly-formed Fox Corporation.
Comcast (parent company of NBCUniversal) made its own offer on June 13, 2018, a $65 billion all-cash proposal to acquire the Fox assets that Disney was set to purchase. This touched off a major bidding war between the two companies. A week later, Disney counterbid with a $71.3 billion offer. Comcast officially dropped its bid on July 19 to focus on acquiring Sky plc.
Early information (November 2017–April 2018)Edit
On November 6, 2017, CNBC reported The Walt Disney Company was negotiating a deal with Rupert Murdoch to acquire 21st Century Fox's filmed entertainment, cable entertainment, and direct broadcast satellite divisions, including 20th Century Fox, FX Networks, and National Geographic Partners. The deal would reportedly exclude the Fox Broadcasting Company, 20th Century Fox's studio lot, Fox Television Stations, Fox News Group and Fox Sports, which would be spun off into a new independent company run by the Murdoch family. According to Disney's CEO Bob Iger, the idea of purchasing Fox's assets came after Disney acquired majority control of the streaming company BAMTech with anticipation to develop its own streaming service (which would eventually be called Disney+ to launch in November 2019). Disney was less interested in Fox's production capacities and more keen to acquire Fox's own film and television libraries to help expand the streaming service's library.
The deal would also include film rights to certain franchises owned by Fox, such as X-Men and Fantastic Four, the distribution rights to Star Wars: Episode IV – A New Hope (which were not owned by Marvel Studios and Lucasfilm respectively after Disney acquired the two companies). Talks had stalled for the day without a deal being finalized, but it was reported on November 10 that the prospected deal had yet to be fully abandoned.
On November 16, it was reported that Comcast (parent company of NBCUniversal), Verizon Communications, and Sony had also joined Disney in a bidding war for 21st Century Fox. During a recent shareholders meeting, 21st Century Fox Co-Chairman Lachlan Murdoch said Fox was not a "sub-scale" company "finding it difficult to leverage their positions in new and emerging video platforms", but had "the required scale to continue to both execute on our aggressive growth strategy and deliver significant increased returns to shareholders".
Because Walt Disney owns the American Broadcasting Company (ABC) and 21st Century Fox owns the Fox Broadcasting Company, a full acquisition of Fox by Disney would be illegal under the Federal Communications Commission (FCC)'s rules prohibiting a merger between any of two of the four major broadcast networks.
On November 28, while mentioning a rumor that the rumored negotiations between Disney and Fox were progressing at a rapid pace, Mike Fleming Jr. of Deadline Hollywood commented, "given how Disney made the Marvel and Lucasfilm deals under the cone of silence, if this happens we'll probably only know it when it's announced. It is certainly being talked about today."
Rumors of a nearing deal continued on December 5, with additional reports suggesting the FSN regional sports networks would be included in the sale (assets that would likely be aligned with Disney's ESPN division).
On December 11, Comcast announced it was dropping its bid on the Fox assets. On December 14, Disney and Fox confirmed a $52.4 billion deal to merge the two companies, pending approval from the United States Department of Justice Antitrust Division.
In February, CNBC reported that, despite the Disney–Fox deal, Comcast might take action to outbid Disney's $52.4 billion offer, once the AT&T–Time Warner merger went through. Despite this, Fox President Peter Rice stated he was content with the Disney offer and that the Fox assets were "a great fit for Disney."
Early in March, the non-profit group Protect Democracy Project Inc. filed a lawsuit against the United States Department of Justice on the hopes to seek any records of communications between the two groups over Disney's pending acquisition of Fox. The lawsuit also sought "any related antitrust enforcement efforts by the DOJ, to find out whether the president or his administration is improperly interfering with the independence of the DOJ out of favoritism for a political ally." Donald Trump congratulated Murdoch for the Disney–Fox deal while attacking AT&T's acquisition of Time Warner, particularly over the ownership of CNN, which he frequently criticized due to alleged bias.
On April 12, 2018, Rice revealed the acquisition was expected to close by summer 2019. Beginning in March 2018, a strategic reorganization of the Disney conglomerate saw the creation of two business segments, Disney Parks, Experiences and Products and Walt Disney Direct-to-Consumer and International. Parks & Consumer Products was primarily a merger of Parks & Resorts and Consumer Products & Interactive Media. While Direct-to-Consumer & International took over for Disney International and global sales, distribution and streaming units from Disney-ABC TV Group and Studios Entertainment plus Disney Digital Network. Given that CEO Iger described it as "strategically positioning our businesses for the future", the New York Times considered the reorganization done in expectation of the 21st Century Fox purchase.
Bidding war between Disney and Comcast (May–July 2018)Edit
On May 7, 2018, it was reported that Comcast spoke to investment banks about topping Disney's offer to acquire Fox. Shortly afterwards, Bob Iger stated he was willing to drop Sky plc from the deal to ensure the Fox acquisition.
Several Fox investors said they would be open to terminate the company's agreement with Disney if Comcast followed through on its plan to launch a rival all-cash bid for $60 billion. Murdoch's family trust controlled 39% of Fox due to shares it held with special voting rights. However, under the company's by-law, those special rights did not apply to a vote on the Disney/Fox deal when the Murdoch trust only controlled 17% of the vote, making it easier for other shareholders to defeat him, which was expected as early as next month. Later that month, it was confirmed that Lachlan Murdoch, rather than James Murdoch, would take charge of the New Fox company.
The following week, Comcast publicly announced it was looking into making an all-cash counter-offer for the Fox assets that Disney proposed to acquire. Shortly after, it was reported that Disney was looking into making its own all-cash counter-offer for Fox assets if Comcast went through with their offer.
The next day, Disney and Fox announced they had set their shareholder vote meetings for July 10, although both said Fox's meeting could be postponed if Comcast came through with their offer.
On June 12, AT&T was given approval by District Judge Richard J. Leon to acquire Time Warner, easing concerns Comcast had regarding whether government regulators would block their bid for Fox. Consequently, the next day, Comcast mounted a bid of $65 billion for the 21st Century Fox assets that were set to be acquired by Disney.
On June 18, it was reported that Disney will add to its already existing $52 billion claim to contest Comcast's proposed counter-offer for the Fox assets.
On June 20, Disney and Fox announced they had amended their previous merger agreement, upping Disney's offer to $71.3 billion (a 10% premium over Comcast's $65 billion offer), while also offering shareholders the option of receiving cash instead of stock. On June 21, Murdoch said in response to Disney's higher offer: "We are extremely proud of the businesses we have built at 21st Century Fox, and firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace at a dynamic time for our industry." That still does not prevent other companies from making a bid, as the deal was needed to be voted on by shareholders.
Iger explained the reasoning behind the bid: "Direct-to-consumer distribution has actually become an even more compelling proposition in the six months since we announced the deal. There has just been not only a tremendous amount of development in that space, but clearly the consumer is voting—loudly."
On June 27, the United States Department of Justice gave antitrust approval to Disney under the condition of selling Fox's 22 regional sports channels within 90 days of closing, to which the company has agreed. The next day, Disney and Fox boards scheduled July 27, 2018 as the day shareholders vote on Fox's properties being sold to Disney.
On July 9, a Fox shareholder filed a lawsuit to stop the acquisition from Disney citing the absence of financial projections for Hulu. On the same day, CNBC reported Comcast was looking for companies that could take over Fox's Regional Sports Networks. This would've made Comcast's anti-trust problems regarding the takeover of Fox assets easier as Comcast was preparing to make a new all cash counter-offer before July 27, 2018.
On July 12, the Department of Justice filed a notice of appeal with the D.C. Circuit to reverse the District Court's approval for AT&T acquisition of Time Warner (now WarnerMedia). Analysts said the chances of the DOJ win are small, but would be the "final nail in the coffin for Comcast's Fox chase. This is a clear gift to Disney." On the next day, CEO of AT&T Randall Stephenson gave an interview with CNBC, about Comcast's bid for Fox: "It probably can't help it. You're in a situation where two entities are bidding for an asset, and this kind of action can obviously influence the outcome of those actions."
On July 13, Disney received the support of the Institutional Shareholder Services and Glass Lewis, the two most prominent proxy adviser firms in the world. Fox shareholders were recommended by the advisers as means to provide for Disney's future.
On July 16, CNBC reported Comcast was unlikely to continue its bidding war with Disney to acquire Fox. Instead, Comcast is likely to continue pursuing 61% stake of Sky.
On July 19, Comcast officially announced it was dropping its bid on the Fox assets in order to focus on its bid for Sky. The CEO of Comcast, Brian L. Roberts, said "I'd like to congratulate Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company."
Road to completion (July 2018–March 2019)Edit
On July 25, 2018, TCI Fund Management, the second largest shareholder of 21st Century Fox, indicated it voted to approve the Disney–Fox deal. On July 27, Disney and Fox shareholders approved the merger between the two companies.
There were reports on August 9 that Viacom CEO Robert Bakish wants to license its TV ad targeting tech to the entire industry, starting with Fox. On August 12, the Competition Commission of India approved the Disney–Fox deal.
On October 5, Disney announced the commencement of exchange offers and consent solicitations for 21st Century Fox. On October 8, Disney announced 21st Century Fox's top television executives would join the company, including Peter Rice, Gary Knell, John Landgraf, and Dana Walden. Rice will serve as Chairman of Walt Disney Television and Co-Chair of Disney Media Networks, succeeding Ben Sherwood while Walden is to be named Chairman of Disney Television Studios and ABC Entertainment.
On October 10, it was reported that the new, post-merger organizational structure of "New Fox" would be implemented by January 1, 2019, ahead of the closure of the Disney sale (which is still expected to occur during the first half of 2019).
On October 15, Disney offered a list of concessions to the European Commission, which extended the review deadline to November 6. The European Commission on November 6, 2018 cleared the sale, pursuant to the divestment of certain factual television networks in Europe owned by the Disney/Hearst joint venture A&E Networks, including Blaze, Crime & Investigation, History, H2, and Lifetime. Disney will continue to be a 50 percent owner of A&E everywhere outside of the European Economic Area.
On October 18, Disney announced a new organizational structure for the Walt Disney Studios and the individual unit heads who would join the company, including Emma Watts, Elizabeth Gabler, Nancy Utley and Stephen Gilula. Watts who currently serves as Vice Chairman and President of production at 20th Century Fox will lead Fox's film division. All Fox film units would report to Walt Disney Studios Chairman Alan Horn with Fox Family Entertainment and 20th Century Fox Animation reporting to Watts and Horn.
On November 19, China's regulators approved the Disney–Fox deal, without any conditions. After obtaining approval from Chinese regulators, Disney said it still needed to obtain regulatory approval from several other regulators, though the approvals from the United States, European Union, and China were considered the most important hurdles to clear.
On December 13, Disney announced a new organizational structure for its international operations and the individuals who would join the company, including Rebecca Campbell, Jan Koeoppen, Diego Lerner and Uday Shankar. Shankar who currently serves as Chairman and President Fox Networks Group Asia and Star India will lead Disney's Asian operations and will become the new Chairman of Disney India.
By December 14, the merger was subjected to regulation in Mexico, where Disney/Fox would account for 27.8% of content distribution across all genres. Disney would own 73% of all sports channels in Mexico.
On January 11, it was reported that the deal is expected to close by either February or March 2019. However, on January 30, in a SEC filing by Disney, it was reported that the deal is expected to close by June 2019.
On January 31, Mexico's Federal Commission of Economic Competition (COFECE) approved the Disney–Fox deal after Disney agreed to sell its stake in Walt Disney Studios Sony Pictures Releasing de México, a Mexican film distributor, to Sony Pictures Motion Picture Group.
Bob Iger met with Brazil's antitrust regulator CADE on February 12, 2019 to discuss the Disney–Fox deal. However, a decision on the deal still could not be reached. However, on February 20, Bloomberg said CADE will make its ruling on the Disney–Fox deal on February 27, 2019. On February 21, Bloomberg reported Disney will divest Fox Sports in Brazil and Mexico to get approval in these countries. The two countries are among the last major hurdles for the Disney–Fox deal. On February 27, Brazil's antitrust agency CADE approved the merger with conditions requiring Disney to divest Fox Sports Brazil among other measures. The regulator said it coordinated with regulators in Mexico and Chile in evaluating the transaction. Brazil's approval clears one of the final hurdles, allowing the deal to be completed in March.
On March 4, The Walt Disney Company tweaked Robert Iger's compensation package he would receive upon closing the Disney–Fox deal, removing $13.5 million in potential salary and incentive awards available for the chief executive after the company closes its acquisition of 21st Century Fox Inc. assets.
Disney announced on March 5, 2019 Craig Hunegs would lead the combined TV operations at Disney Television Studios once the Disney–Fox deal closes. Hunegs will be president of the subisidiary, with oversight of all operations, including ABC Studios, ABC Signature, 20th Century Fox Television and Fox 21 TV studios. He'll report to Dana Walden, chairman of Fox Television Group who will be chairman of Disney Television Studios and ABC Entertainment.
Mexico's telecom regulator, Federal Telecommunications Institute (IFT), approved the deal on March 11, 2019 under the condition that Disney and Fox agree to sell Fox Sports in the country within six months. They also had to keep the National Geographic brand separate from its A&E channels. This cleared the last major holdout on the deal. On March 12, 2019 Disney announced it was set to close the Fox deal on March 20.
Fox Corporation officially became a standalone, publicly traded company, separate from 21st Century Fox, on March 19, 2019 making Fox Corporation the owner of the assets that were not acquired by Disney. The announcement also included appointment of the board of directors. Also on March 19, 21st Century Fox officially completed distribution of new Fox shares ahead of the completion of the Disney deal. The deal was officially completed on March 20, 2019.
Post-acquisition (March 2019–present)Edit
It was reported on March 21, 2019 that Disney would shut down the Fox 2000 Pictures studio on October 4, 2019, following the release of The Woman in the Window. On the same day it was reported that up to 4,000 people would lose their jobs as Disney commenced layoffs following the merger.
Debmar-Mercury announced on April 3 that it would end its national ad sales partnership with 20th Television, and that they will transfer their national ad sales for their first-run and off-network shows by the company to CBS Television Distribution Media Sales. However, Tyler Perry's Meet the Browns will continue to be handled by Disney for ad sales even after CTD takes over the national ad sales for the company's shows. Disney's ESPN unit acquired on April 10 a package of rights to the Big 12 Conference in college athletics that had previously been held by Fox. On April 15, 2019, Hulu acquired AT&T's 9.5 stake in Hulu for $1.43 billion, with Disney and NBC Universal co-owning the share.
Disney announced on April 24 that it had canceled a number of upcoming Fox films such as Mouse Guard, News of the World (whose rights were then picked up by Universal Pictures), and an adaptation of Angie Thomas' On the Come Up (whose rights were then moved to Paramount Players), and that some projects, such as the Kingsman prequel The Great Game, Fear Street, and Steven Spielberg's remake of West Side Story, were still in production. On April 25, Shannon Ryan, who was previously Fox Television chief marketing officer, was made president of marketing for ABC Entertainment and Disney Television Studios, she will report directly to Karey Burke, president of ABC Entertainment, and Craig Hunegs, president of Disney Television Studios.
On May 7, 2019, Disney announced a revised release schedule for several Disney and Fox films. Among the changes, several films (Artemis Fowl, Ad Astra, Spies in Disguise, The New Mutants, and Call of the Wild), were moved to later release dates. All the Fox Marvel movies previously scheduled for release after 2019 were removed from the schedule. Avatar 2 was rescheduled from 2020 to a 2021 Christmas release, after which Avatar sequels will be released every other Christmas holiday release, alternating with Star Wars sequels through 2027.
On May 14, 2019, Disney announced it had assumed control of Hulu as part of a put/call agreement with Comcast and its 33% stake in the service. Comcast will continue to license NBCUniversal content and live carriage of NBCUniversal channels until late 2024 and their stake in Hulu could be sold to Disney as early as January of that year. In addition, both companies will fund Hulu's purchase of AT&T's 9.5% stake in Hulu.
Reactions and antitrust concernsEdit
Despite Disney passing antitrust approval from regulators in every country, critics of Disney's purchase expressed a significant amount of antitrust concerns. The deal is a horizontal merger (i.e., in which a company buys up a corporation that produces the same goods and products) as opposed to a vertical merger (i.e., two companies that operate at separate stages of the production process for a specific finished product), much akin to the integrations of AT&T–Time Warner and Comcast–NBC Universal. As such, horizontal mergers are more disapproved than vertical mergers, as they affect a more tangible reduction in competition. The Federal Trade Commission (FTC) states on its website that "The greatest antitrust concern arises with proposed mergers between direct competitors (horizontal mergers)."
As both Disney and Fox produce films and television series, the deal would reduce the number of major film studios in Hollywood from six to five. Some argued the operation would still leave many competitors around since Disney may compete with Netflix in the online streaming market with Disney+ in equal conditions with its newly acquired properties. Opponents countered that these arguments do not hold much weight due to Disney's powerful box office and stock market shares, its practices, and its purchase of Fox's many assets.
Many journalists expressed concerns about Disney's purchase of 21st Century Fox and its effects on the industry in the long run. A film reporter said, "They'll have more control over more things, so if they decide they don't like what you wrote and want to ban you from their screenings, eventually that will mean all of entertainment. For journalists and reporters trying to do their job, it is frightening to see the scope of one company expand in that way and know that your fate is kind of tied up with them." "We've seen a pattern in Disney's behavior. The more power they have, the more they wield it," one entertainment reporter said. A freelance critic and member of the New York Film Critics Circle said that most journalists were troubled by the idea of the Disney–Fox deal:
As an example, on November 3, 2017, Disney banned the Los Angeles Times from attending press screenings of its films in retaliation for the paper's coverage of their political influence in Anaheim, California in September of that year. On November 7, however, Disney reversed its decision, after receiving massive protests and condemnation from a number of major publications and writers including The New York Times, Boston Globe critic Ty Burr, Washington Post blogger Alyssa Rosenberg, A Wrinkle in Time director Ava DuVernay, the websites The A.V. Club and Flavorwire, and film critic organizations which threatened to disqualify Disney films from their year-end awards in retaliation, specifically, the National Society of Film Critics, Los Angeles Film Critics Association, New York Film Critics Circle, and Boston Society of Film Critics. Jason Bailey, the editor of Flavorwire, thought the way Disney treated the Los Angeles Times was "absolutely chilling", fearing it would only grow more common after the merger:
|“||The idea of a major, multinational conglomerate being that petty and vindictive and really engaging in an act of retribution against an outlet, and against reporters who had nothing to do with the thing that they were angry about, gave some insight into the length they were willing to go against anyone who didn't toe the Disney company line. It's very worrisome, and is more worrisome if they're in control of this much more of the entertainment industry.||”|
One film writer stated that "I personally worry that a studio this big will need the press less and less. I don't think anything drastic will change immediately, but I think it is more important than ever for entertainment reporters to uphold journalistic values. We are not their PR arms, no matter how much they'd like us to be." Another film reporter said, "As a critic, I've had Disney tell me they don't want to invite me to [its] film because I didn't like the last one. It really scares me to watch them get even more power."
Unlike most studios, Disney has a reputation for lofty terms and strict conditions being imposed upon theater owners on its films, such as Avengers: Age of Ultron and Star Wars: The Last Jedi. For the latter, Disney demanded a 65% cut of domestic ticket sales (rather than the minimum 55% to 60% cut) along with a four-week hold in each venue, and a 5% penalty to any theater owner who breaks any part of the contract, including taking the film off-screen. If the Disney–Fox deal had happened in late 2016, Disney's domestic box office in 2017 would have equaled $4.5 billion or 40% market share, a figure no major studio has ever hit. For many, the deal would give Disney the unprecedented market power to be abusive without end.
One distribution studio executive denounced the deal, saying that "If I was an independent mom-and-pop theater, I would just close down; there's no way to survive. With a 40% market share, how do you negotiate against that?" John Roper, the general manager of the Phoenix Theatre in Fort Nelson, British Columbia, said that Disney/Fox had him worried about even stricter rules in the future, stating, "It's not good for any type of industry when a company grows that large. Disney holds all the cards, and we have to play by their rules. Smaller cinemas are just left in the dust." Roper decided not to screen Star Wars: The Last Jedi because of Disney's strict conditions of requiring the theater to run the film four weeks straight and play it four times a day (as opposed to other studios, who only require a minimum of two weeks for a film run and play it one time a day). Elkader Cinema in Elkader, Iowa, opted out the movie for the same reason, with owner Lee Akin stating that "I can't get the entire town in my auditorium in one week's time let alone four."
In Brazil, Disney demanded a 52% cut of Coco's domestic ticket sales (rather than the historical 50% cut) and some theaters (with exceptions including foreign chains, such as Cinemark Theatres and Cinépolis) boycotted the film. Coco was shown in 618 screens, against 919 screens that showed Sony Pictures' Jumanji: Welcome to the Jungle.
Other commentators have noted that Disney is a big proponent of longer theatrical windows and could provide a bulwark for traditional theaters against the streaming services. One local theater owner stated that "I would welcome some larger players to compete against the streaming services which I think are the real companies to watch out for in the future".
Pay television industryEdit
American Cable Association President and CEO Matthew M. Polka lambasted the deal and called on federal regulators to "fully investigate" the merger. He was concerned about his smaller subscription television constituents having to negotiate multichannel deals with a behemoth that combines Fox's regional sports networks with ESPN and its cadre of collegiate-conference-focused RSNs, as well as the majority stake in Hulu:
|“||The Disney-Fox marriage not only will create one of the world's largest entertainment conglomerates but will give the combined company control of critical video programming that can be bundled together to harm consumers in local and national markets. In particular, Disney-Fox will become the largest holder of key local and national sports programming rights. It also will gain control of more national cable programming networks, and a significant stake in Hulu – an increasingly popular online distribution service. These assets will be in addition to Disney's national broadcast network (ABC) and multiple owned and operated ABC television stations. Because the combined company post-transaction could leverage these programming assets to undermine competition to the detriment of consumers, federal agencies must fully investigate the proposed combination to ensure that it neither violates antitrust laws nor is inconsistent with the public interest.||”|
Many European telecommunication companies also expressed concerns about the Disney–Fox deal, considering that Sky plc and Sky UK were included in the package, as it serves almost 23 million households across Britain, Ireland, Germany, Austria, and Italy. Disney's takeover of Sky would be greater than RTL Group, Mediaset, ITV, ProSiebenSat.1 Media, Viasat, and Vivendi combined, according to Eikon estimates, and could allow Sky to expand into new markets and bid more for sports rights and other content. Some felt that Disney-owned Sky UK would be most damaging to its pay-TV competitors since it has invested in content to cross-sell television with mobile services, in a bid to squeeze more out of customers. A hedge fund with a small stake in Sky has complained that the Disney–Fox deal could cost minority shareholders in the UK satellite broadcaster a hefty premium unless UK regulators intervene.
Dish Network CEO Erik Carlson said blockbuster mergers like the Disney–Fox deal could severely limit the number of content companies providing to their customers. Carlson said on CNBC's Squawk on the Street that "We really take the position that we think about the customer and the customer first."
|“||In the relentless drive to eliminate competition, big business has an insatiable appetite for consolidation. Disney and Fox have spent decades profiting from the oligopolistic control that the six major media conglomerates have exercised over the entertainment industry, often at the expense of the creators who power their television and film operations. Now, this proposed merger of direct competitors will make matters even worse by substantially increasing the market power of a combined Disney-Fox corporation. The antitrust concerns raised by this deal are obvious and significant. The Writers Guild of America West strongly opposes this merger and will work to ensure our nation's antitrust laws are enforced.||”|
Tom Rothman, chairman of the Sony Pictures Motion Picture Group and former co-chairman of Fox Filmed Entertainment, said the Disney–Fox deal was a dangerous proposition: "Consolidation under giant corporate mandates rarely promotes creative risk-taking. And in the long run, it is always a challenge to compete against horizontal monopolistic power."
James Mangold, director of Fox's Marvel adaptations The Wolverine and its R-rated sequel Logan, expressed concerns that the deal might lead to the approval of a similar film that may have more limited appeal than a conventional Marvel blockbuster, thereby limiting the opportunities for certain filmmakers as well as the consumers. Mangold said that "If they're actually changing their mandate, if what they're supposed to do alters, that would be sad to me because it just means less movies."
At the Critics' Choice Movie Awards on January 11, 2018, producer J. Miles Dale, who accepted the Critics' Choice Movie Award for Best Picture for The Shape of Water, urged Disney "not to mess" with 20th Century Fox's indie studio Fox Searchlight Pictures, saying, "they're making the kind of movies that we need to make, we want to make, and people need to see."
Writer Marc Guggenheim, known for his work for the Arrowverse for The CW, said that "As a writer, I'm not a big fan of these big corporate consolidations. I don't think they're necessarily good for writers, directors, producers, and actors. I also, as an American, don't love these big corporate mergers. I don't think they're necessarily good for the country."
The potential acquisition of Fox by Disney caused concern within the entertainment industry that smaller media companies, including Viacom, CBS Corporation, Lionsgate, and Metro-Goldwyn-Mayer, would need to consolidate or be sold in order to remain competitive.
On February 13, 2018, television producer Ryan Murphy, a long-time collaborator of 20th Century Fox Television, signed a five-year $300 million agreement with Netflix, a move considered to be a big blow to Fox and Disney. Murphy cited the Disney–Fox deal as the main reason for departure, arguing that his freedom under Disney might be severely limited in creating new, risk-taking content.
Jeff Bock of Exhibitor Relations expressed hope that the merger would force creativity in other studios like Paramount, which might focus on smaller-budget films knowing that it could not compete with Walt Disney (after the Fox acquisition) in making big-budget blockbusters.
Viacom CEO Bob Bakish has stated that the Disney–Fox deal provides a "very real opportunity" to hire new executive and creative talent at Paramount and other studios amid the "dislocation associated with change of ownership" at Disney and Fox. Bakish also suggested that Viacom and other companies can provide new content for streaming services such as Netflix once Disney removes their content from the service in 2019.
President Donald Trump praised both companies for the merger, believing it is best for American jobs. However, not all politicians are pleased with the decision. U.S. Rep. David Cicilline from Rhode Island's 1st congressional district, the ranking Democrat on the House Antitrust Subcommittee, expressed concerns over the transaction. He said in a statement that "Disney's proposed purchase of 21st Century Fox threatens to put control of even more television, movie, and news content into the hands of a single media giant. If it's approved, this acquisition could allow Disney to limit what consumers can watch and increase their cable bills," he said. "Disney will gain more than 300 channels, 22 regional sports networks, control over Hulu, and a significant portion of Roku."
Richard Greenfield, the BTIG Research analyst, wrote that the combined Disney and Fox assets would have a 39% theatrical market share:
|“||Disney is already using its box office muscle to bully movie domestic exhibitors, extracting financial terms far beyond their studio peers... Adding Fox, which controls portions of the Marvel universe (X-Men, Deadpool) and the Avatar franchise, would enable Disney to gain unprecedented market power.||”|
In response to the Disney–Fox deal, Analyst Andy Hargreaves of KeyBanc Capital Markets Inc. downgraded Fox's stock from overweight to Sector Weight with no assigned price target. Hargreaves said that although the merger is positive for both companies, it comes with a high antitrust risk due to Disney's potential share of theatrical revenue, its share of domestic cable assets, its strong position in sports, and its power to already force preferential deals with cable, satellite, and theater owners.
David Balto, an antitrust lawyer and former policy director at the FTC, said that the inclusion of regional sports networks would give Disney greater leverage with cable and satellite distributors: "Any increase in Disney sports programming will be extremely problematic and will get intense scrutiny".
John Simpson of the activist group Consumer Watchdog said that the deal "would give far too much monopolistic power to Disney, which is known for cutthroat, hardball tactics", and "can only mean higher prices and less choice for consumers."
Ian Bezek, contributor to InvestorPlace, questioned the underlying rationale for the merger, asking why Disney needed to acquire Fox's film production and cable sports business for such a "high price", given Disney's already healthy positions in both businesses:
|“||Put another way, Disney is paying $66 billion, including the assumption of $13 billion in debt, to add more sports channels and film production to its already powerful place in both areas.
Given the problems at ESPN, some would say this is doubling down on a struggling division. In any case, this deal significantly weakens the argument that Disney is a diversified powerhouse, as it will rely much more on just a couple revenue streams for the majority of its profits post-deal.
Jonathan Barnett, law professor at the University of Southern California Gould School of Law states that when considering streaming services under the same markets as theaters, worries about Disney's control "would be substantially diminished".
Acquired by DisneyEdit
- Twentieth Century-Fox Film Corporation
- Twentieth Century-Fox Television
- Fox Networks Group
- Endemol Shine Group (50%)
- Hulu (United States) (30%)
- Star India
- Tata Sky (30%)
- DraftKings (minority investment)
Spun off to Fox CorporationEdit
On November 14, 2018, it was revealed that a new independent company, which was tentatively called "New Fox", would be named Fox Corporation. The company implemented its structure on January 1, 2019. Its assets include Fox's broadcast, news and sports businesses. They include:
- Fox Broadcasting Company
- Fox Television Stations Group
- Fox News Group
- Fox Sports Media Group (United States only)
- The 20th Century Fox studio lot (the Murdoch family own the lot's real estate, although it is leased to Disney).
Divested/to be divestedEdit
Assets that were initially a part of the acquisition of Fox assets by Disney, but have since been planned to be sold off to third parties.
- Sky plc (39.14%) – After Comcast's winning bid for Sky, Fox sold their 39% stake in Sky to Comcast at £17.28-per-share, valuing Fox's stake at £11.6 billion ($15 billion).
- A&E Networks Europe (50%) – On November 6, 2018, the European Commission ruled that Disney must sell the European factual channels of A&E, including History, H2, Crime & Investigation, Blaze and Lifetime. Hearst Communications, which owns the second half of A&E, has entered talks to acquire Disney's share in these networks.
- Walt Disney Studios Sony Pictures Releasing de México – On January 31, 2019, Disney agreed to sell its stake in the Mexican film distribution joint venture to Sony Pictures Releasing.
- Fox Sports Networks – regional sports networks that would be acquired by Disney, but under the agreement with the Department of Justice must be sold to third parties within 90 days after the completion and formal closing of the main deal. On April 26, 2019, the Sinclair Broadcast Group agreed to acquire Fox Sports Networks (excluding the YES Network) from Disney for $10 billion.
- YES Network (80%) – Yankee Global Enterprises invoked a clause to give it the right of first refusal to buy their stake back following the acquisition of Fox Sports from Disney. On March 8, 2019, the YES Network was sold to a consortium including Yankee Global Enterprises, Amazon, and Sinclair Broadcast Group for $3.5 billion.
- Fox College Sports - After Disney agreed to sell Fox's regional sports networks to Sinclair, Disney later sold the channel to Sinclair on May 3, 2019.
- Home Team Sports (HTS) – advertising sales for sports channels including other regional sports networks plus commercial and program production, events, and local live custom brand integration.
- Fox Sports College Properties – college rights holder for Big East Conference, several colleges: Michigan State, Auburn, San Diego State, Georgetown & USC and the Los Angeles Memorial Coliseum.
- Impression Sports & Entertainment – naming rights and event sponsorships.
- Home Team Sports (HTS) – advertising sales for sports channels including other regional sports networks plus commercial and program production, events, and local live custom brand integration.
- Fox Sports Latin America (only Mexican and Brazilian versions) – On February 21, 2019, Bloomberg reported that Disney has agreed to divest the Mexican and Brazilian Fox Sports channels.
- Debmar-Mercury (advertising sales only) - On April 3, 2019, Lionsgate announced that they will transfer its national ad sales from Fox to CBS Television Distribution Media Sales for its syndicated shows, so that Disney will retain its national ad sales for the program Tyler Perry's Meet the Browns.
- "Securities and Exchange Commission Filing – Form 8-K Filing". Securities and Exchange Commission. March 20, 2019. Retrieved March 20, 2019.
- "The Walt Disney Company To Acquire Twenty-First Century Fox, Inc., After Spinoff of Certain Businesses, For $52.4 Billion in Stock". The Walt Disney Company. December 14, 2017. Archived from the original on July 31, 2018. Retrieved August 5, 2018.
- "21st Century Fox to Spin off Businesses and Create New "Fox"; A Growth Company Centered on Live News and Sports Brands and the Iconic Fox Brand". 21st Century Fox. December 14, 2017. Archived from the original on January 25, 2019. Retrieved December 10, 2018.
- "Comcast Makes Superior All-Cash Proposal to Acquire 21st Century Fox After Spinoff of 'New Fox'". Comcast Corp. June 13, 2018. Retrieved December 10, 2018.
- "The Walt Disney Company Signs Amended Acquisition Agreement To Acquire Twenty-First Century Fox, Inc., For $71.3 Billion in Cash And Stock". The Walt Disney Company. June 20, 2018. Archived from the original on June 22, 2018. Retrieved August 1, 2018.
- "Comcast Corporation Statement on 21st Century Fox". Comcast Corp. July 19, 2018. Retrieved December 10, 2018.
- Faber, David (November 6, 2017). "21st Century Fox has been holding talks to sell most of the company to Disney: Sources". CNBC. Archived from the original on July 6, 2018. Retrieved July 5, 2018.
- Franck, Thomas (April 12, 2019). "Disney wouldn't have bought Fox assets without streaming plans, Iger says". CNBC. Retrieved April 12, 2019.
- Shaw, Lucas; Sakoui, Anousha (November 6, 2017). "Disney Explored Buying Fox Assets; Talks Now Dead". Bloomberg L.P. Archived from the original on November 6, 2017. Retrieved November 6, 2017.
- White, Adam (November 7, 2017). "Why Disney buying 20th Century Fox could be good news for Marvel and Star Wars fans". The Daily Telegraph. ISSN 0307-1235. Archived from the original on December 4, 2017. Retrieved December 3, 2017.
- Moyer, Liz (November 10, 2017). "Fox shares jump as 'pencils aren't down' on possible Disney deal". CNBC. Archived from the original on November 11, 2017. Retrieved November 10, 2017.
- James, Meg (November 16, 2017). "Comcast jumps into bidding war for 21st Century Fox's media assets". Los Angeles Times. Retrieved November 16, 2017.
- Bond, James (November 17, 2017). "Sony Also Inquiring About 21st Century Fox Assets". The Hollywood Reporter. Archived from the original on November 18, 2017. Retrieved November 17, 2017.
- Littleton, Cynthia (November 16, 2017). "21st Century Fox Shares Soar on Reports of Comcast Acquisition Overture, Verizon Interest". Variety. Archived from the original on November 17, 2017. Retrieved November 17, 2017.
- Johnson, Ted (December 5, 2017). "A Disney-Fox Deal Would Land at an Uncertain Moment for DOJ Review of Big Media". Variety. Archived from the original on December 15, 2017. Retrieved December 15, 2017.
- Fleming Jr., Mike (November 28, 2017). "Bart & Fleming: Sparks Rekindling On Disney-Fox Deal? Should Shamed Artists & Execs Be Stricken From History?". Deadline Hollywood. Archived from the original on November 29, 2017. Retrieved November 28, 2017.
- Faber, David (December 5, 2017). "Disney and Fox are closing in on deal, could be announced next week: Sources". CNBC. Archived from the original on December 5, 2017. Retrieved December 5, 2017.
- Jackson, Eric (December 5, 2017). "Disney's latest proposal to Fox is a big bet on local TV sports – and ESPN". CNBC. Archived from the original on December 6, 2017. Retrieved December 5, 2017.
- Andreeva, Nellie; Fleming, Mike (December 6, 2017). "Disney-Fox: What Happens To FBC, Will Disney Become OTT Powerhouse & How Will Teams & Cultures Mesh If Deal Makes". Deadline Hollywood. Archived from the original on December 7, 2017. Retrieved December 7, 2017.
- Littleton, Cynthia (December 8, 2017). "Disney, Fox Huddle With Bankers as Deal Talks Progress". Variety. Archived from the original on December 8, 2017. Retrieved December 8, 2017.
- Littleton, Cynthia (December 11, 2017). "Disney Nearing Finish Line With 21st Century Fox as Comcast Bows Out of Acquisition Hunt". Variety. Archived from the original on December 11, 2017. Retrieved December 11, 2017.
- Castillo, Michelle (December 14, 2017). "Disney to buy 21st Century Fox assets in a deal worth more than $52 billion in stock". CNBC. Archived from the original on December 14, 2017. Retrieved December 14, 2017.
- Jarvey, Natalie (February 12, 2018). "Fox's Peter Rice Talks Potential Comcast Deal, His Future Post-Acquisition". The Hollywood Reporter. Archived from the original on February 13, 2018. Retrieved February 14, 2018.
- Shepardson, David (March 5, 2018). "White House, Justice Department sued for records on Fox-Disney deal". Business Insider. Archived from the original on March 6, 2018. Retrieved February 27, 2018.
- Andreeva, Nellie (April 12, 2018). "Disney-Fox Deal To Close By Summer 2019, FBC To Evolve, "Diet Fox" & More Highlights From Fox Town Hall Meeting". Deadline Hollywood. Archived from the original on April 13, 2018. Retrieved April 12, 2018.
- Wang, Christine (March 14, 2018). "Disney announces strategic reorganization, effective immediately". CNBC. Retrieved March 14, 2018.
- Barnes, Brooks (March 14, 2018). "Disney Reorganization Anticipates 21st Century Fox Assets". The New York Times. Archived from the original on March 14, 2018. Retrieved March 14, 2018.
- Roumeliotis, Greg (May 7, 2018). "Exclusive: Comcast prepares all-cash bid to gate-crash Disney-Fox deal — sources". Reuters. Archived from the original on May 7, 2018. Retrieved May 7, 2018.
- Bond, Paul (May 10, 2018). "Disney Could Give Up Sky to Get Fox Assets". The Hollywood Reporter. Archived from the original on May 10, 2018. Retrieved May 10, 2018.
- "Comcast's all-cash bid could pit Murdoch against Fox shareholders". CNBC. May 15, 2018. Archived from the original on May 15, 2018. Retrieved May 15, 2018.
- Disis, Jill (May 16, 2018). "Lachlan Murdoch, not James, will lead New Fox company". CNN Money. Archived from the original on May 17, 2018. Retrieved May 17, 2018.
- Hayes, Dade (May 23, 2018). "Comcast Confirms Plan To Counter Disney With Richer, All-Cash Offer For Fox". Deadline Hollywood. Archived from the original on May 23, 2018. Retrieved May 23, 2018.
- Munson, Ben (May 29, 2018). "Disney rounding up cash to fight off Comcast's rival bid for Fox". Fierce Cable. Archived from the original on July 10, 2018. Retrieved May 29, 2018.
- Tartaglione, Nancy; Hayes, Dade (May 30, 2018). "Fox And Disney Set Shareholder Meetings For Vote on Merger". Deadline Hollywood. Archived from the original on May 31, 2018. Retrieved May 30, 2018.
- Littleton, Cynthia (June 12, 2018). "Decisive AT&T Victory Sets Stage for Comcast to Challenge Disney for 21st Century Fox Assets". Variety. Archived from the original on June 13, 2018. Retrieved June 12, 2018.
- Faber, David; Moyer, Liz (June 18, 2018). "Disney is expected to add cash to its bid for Twenty-First Century Fox assets". CNBC. Archived from the original on June 18, 2018. Retrieved June 18, 2018.
- Cheng, Roger (June 20, 2018). "Fox agrees to Disney's new $71.3 billion offer, rejecting Comcast". CNET. Archived from the original on June 20, 2018. Retrieved June 21, 2018.
- Hayes, Dade; Chmielewski, Dawn (June 20, 2018). "Disney's Bob Iger on Need For Fox Deal: 'The Consumer Is Voting – Loudly'". Deadline Hollywood. Archived from the original on June 20, 2018. Retrieved June 21, 2018.
- Littleton, Cynthia (June 27, 2018). "Justice Department Approves Disney's Acquisition of 21st Century Fox With Divestiture of Regional Sports Networks". Variety. Retrieved February 13, 2019.
- Littleton, Cynthia (June 28, 2018). "Disney, Fox Set Shareholder Voting Date for $71 Billion Deal". Variety. Archived from the original on June 28, 2018. Retrieved June 28, 2018.
- Gardner, Eriq (July 9, 2018). "Fox Shareholder Sues to Stop Disney Acquisition". The Hollywood Reporter. Archived from the original on July 9, 2018. Retrieved July 9, 2018.
- Hayes, Dade (July 9, 2018). "Fox Shareholder Lawsuit Targets Alleged Flaws in Disney Deal Prospectus". Deadline Hollywood. Archived from the original on July 10, 2018. Retrieved July 9, 2018.
- "Comcast lining up buyers for Fox sports assets, sources say". CNBC. July 9, 2018. Archived from the original on July 10, 2018. Retrieved July 9, 2018.
- Sherman, Alex (July 13, 2018). "The DOJ has a slim chance of blocking the AT&T-Time Warner deal, but even that may be enough for Comcast to throw in the towel on Fox". CNBC. Archived from the original on July 15, 2018. Retrieved July 13, 2018.
- Shapiro, Ariel (July 13, 2018). "DOJ challenge to AT&T-Time Warner deal could affect Disney and Comcast's bidding war for Fox, says AT&T's Stephenson". CNBC. Archived from the original on July 13, 2018. Retrieved July 13, 2018.
- Sakoui, Anousha (July 13, 2018). "Disney's $71 Billion Fox Bid Wins Backing From ISS, Glass Lewis". Bloomberg L.P. Retrieved July 13, 2018.
- Moyer, Liz (July 16, 2018). "Comcast unlikely to raise Fox bid; focused on Sky: Sources". CNBC. Archived from the original on July 16, 2018. Retrieved July 16, 2018.
- Gartenberg, Chaim (July 19, 2018). "Comcast gives up on buying 21st Century Fox assets and leaves Disney as the winner". The Verge. Archived from the original on July 19, 2018. Retrieved July 19, 2018.
- Ahmed, Nabila (July 25, 2018). "TCI Votes in Favor of Disney's Offer for Fox's Assets". Bloomberg L.P. Archived from the original on July 27, 2018. Retrieved July 25, 2018.
- "21st Century Fox And Disney Stockholders Approve Acquisition By Disney". The Walt Disney Company. July 27, 2018. Retrieved December 10, 2018.
- Bakish, Robert (August 9, 2018). "Viacom wants to License its TV Ads Targeting Tech to the Entire Industry and its Starting with Fox". Business Insider. Archived from the original on August 9, 2018. Retrieved August 9, 2018.
- Malvania, Urvi (August 12, 2018). "Fox-Disney deal: CCI approves takeover of Murdoch's company in India". Smart Investor. Archived from the original on August 19, 2018. Retrieved August 18, 2018.
- "EU regulators to rule on Disney's $71 billion bid for Fox assets by October 19". Reuters. September 17, 2018. Archived from the original on September 17, 2018. Retrieved September 17, 2018.
- "The Walt Disney Company Announces Commencement of Exchange Offers and Consent Solicitations for 21st Century Fox America, Inc. Notes". The Walt Disney Company. October 5, 2018. Archived from the original on October 6, 2018. Retrieved October 6, 2018.
- Andreeva, Nellie (October 8, 2018). "Disney Unveils Top TV Executive Structure Post Fox Acquisition: Peter Rice, Dana Walden, John Landgraf, Gary Knell Joining". Deadline. Retrieved October 9, 2018.
- Holloway, Daniel (October 10, 2018). "Fox Will be Ready to Close Disney Deal Jan. 1, Says Peter Rice (EXCLUSIVE)". Variety. Archived from the original on October 11, 2018. Retrieved November 21, 2018.
- Foo Yun Chee (October 15, 2018). "Disney offers EU antitrust concessions over $71.3 billion Fox deal". Reuters. Archived from the original on October 28, 2018. Retrieved October 27, 2018.
- Roxborough, Scott (November 6, 2018). "Disney's Fox Deal Gets European Union Clearance Subject to Divestments". The Hollywood Reporter. Archived from the original on November 6, 2018. Retrieved November 6, 2018.
- D'Alessandro, Anthony (October 18, 2018). "Disney Finalizes Film Studio Brass Under Alan Horn: Emma Watts Confirmed To Run Fox". Deadline. Retrieved October 22, 2018.
- Salinas, Sara; Boorstin, Julia (November 19, 2018). "Disney gets approval from China for its Fox acquisition, sending shares of both companies up". CNBC. Archived from the original on November 19, 2018. Retrieved November 19, 2018.
- Disis, Jill (November 19, 2018). "Disney gets approval from China for Fox purchase". CNN. Archived from the original on November 20, 2018. Retrieved November 20, 2018.
- "Brazil antitrust body raises concerns over Disney-Fox deal". Reuters. December 3, 2018. Archived from the original on December 4, 2018. Retrieved December 3, 2018.
- Clarke, Stewart (December 13, 2018). "Disney Sets Out International Leadership Team Post-Fox Deal". Variety. Retrieved December 14, 2018.
- "Strict regulation needed for Disney-Fox Merger in Mexico". El Universal. December 14, 2018. Retrieved December 16, 2018.
- "AMLO signals conflict of interest in Disney-Fox merger". Mexico News Daily. February 8, 2019. Retrieved February 9, 2019.
- Chmielewski, Dawn (January 7, 2019). "21st Century Fox Files Registration Statement With SEC To Form 'New' Fox". Deadline Hollywood. Retrieved January 8, 2019.
- Littleton, Cynthia (January 11, 2019). "Fox Confirms It Won't Bid on Disney's Regional Sports Networks". Variety. Retrieved January 11, 2019.
- Shaw-Williams, Hannah (January 31, 2019). "Disney Now Expects To Complete Fox Purchase By June". Screen Rant. Retrieved January 31, 2019.
- "Clarification on Disney/Fox transaction" (PDF). Cofece. February 6, 2019. Retrieved February 8, 2019.
- Aycock, Jason (February 20, 2019). "Bloomberg: Brazil set to rule on Disney/Fox deal next week". Seeking Alpha. Retrieved February 20, 2019.
- Lima, Mario; Navarro, Andrea (February 21, 2019). "Disney to Accept Divesting of Fox Sports in Brazil and Mexico". Bloomberg L.P. Retrieved February 21, 2019.
- Chu, Henry; Littleton, Cynthia (February 27, 2019). "Disney-Fox Merger Nears Completion as Brazil Grants Approval With Conditions". Variety. Retrieved February 27, 2019.
- Maidenberg, Micah; Schwartzel, Erich (March 4, 2019). "Disney Cuts Compensation for Robert Iger in Fox Deal". The Wall Street Journal. Retrieved March 4, 2019.
- Low, Elaine (March 5, 2019). "Disney Taps Warner Bros. Vet Craig Hunegs to Lead Merged TV Studios Unit". Variety. Retrieved March 19, 2019.
- Navarro, Andrea; Sakoui, Anousha (March 12, 2019). "Disney-Fox Inches Closer as Mexico Approves With Terms". Bloomberg. Retrieved March 12, 2019.
- "The Walt Disney Company Announces it Expects No Further Extension of Exchange Offers and Consent Solicitations for 21st Century Fox America, Inc. Notes". The Walt Disney Company. March 12, 2019. Retrieved March 12, 2019.
- Littleton, Cynthia; Steinberg, Brian (March 19, 2019). "Fox Corporation Emerges as Standalone Entity, Paul Ryan Joins Board". Variety. Retrieved March 19, 2019.
- "21st Century Fox Announces Completion of Distribution in Connection with Disney Acquisition". 21st Century Fox. March 18, 2019. Archived from the original on March 19, 2019. Retrieved March 19, 2019.
- Szalai, Georg; Bond, Paul (March 20, 2019). "Disney Closes $71.3 Billion Fox Deal, Creating Global Content Powerhouse". The Hollywood Reporter. Retrieved March 20, 2019.
- Fleming, Mike (March 21, 2019). "Elizabeth Gabler's Fox 2000 To Shutter As Disney Takes Over". Deadline Hollywood. Retrieved March 21, 2019.
- Griffin, David (March 21, 2019). "Fox Layoffs Begin Following Disney Merger, 4,000 Jobs Expected to Be Cut". IGN. Retrieved March 26, 2019.
- McClintock, Pamela (March 21, 2019). "Layoffs Begin at 20th Century Fox After Disney Deal Closes". The Hollywood Reporter. Retrieved March 26, 2019.
- Petski, Denise (April 3, 2019). "Debmar-Mercury Inks Multi-Year Deal With CBS TV Distribution For Ad Sales". Deadline Hollywood. Retrieved April 9, 2019.
- Ourand, John; Smith, Michael (April 10, 2019). "ESPN, Big 12 Agree To Sweeping Media-Rights Deal". Sports Business Daily. Retrieved April 17, 2019.
- Andreeva, Nellie; Pedersen, Erik (April 15, 2019). "Hulu Buys AT&T's Minority Stake In Streaming Service For $1.43 Billion". Deadline Hollywood. Retrieved April 23, 2019.
- Kit, Borys; Kilkenny, Katie (April 17, 2019). "Disney Scraps 'Mouse Guard' Two Weeks Before Production Set to Begin". The Hollywood Reporter. Retrieved May 3, 2019.
- McNary, Dave (April 9, 2019). "Universal Picks Up Tom Hanks' 'News of the World' From Fox 2000". Variety. Retrieved April 30, 2019.
- Fleming, Mike (May 2, 2019). "'On The Come Up' Author Angie Thomas Moving Her YA Bestseller To Paramount Players From Fox 2000". Deadline Hollywood. Retrieved April 10, 2019.
- Siegel, Tatiana; Kit, Borys (April 24, 2019). "Multiple Fox Films Getting Axed at Disney". The Hollywood Reporter. Retrieved April 27, 2019.
- Thorne, Will (April 25, 2019). "Shannon Ryan Joins Disney TV, ABC as Marketing Chief". Variety. Retrieved June 14, 2019.
- Gasparino, Charlie (April 26, 2019). "EXCLUSIVE: Sinclair places top bid, reaches "handshake agreement" with Disney for Fox Regional Sports Networks". Fox Business Network. Retrieved April 30, 2019.
- D'Alessandro, Anthony (May 7, 2019). "Disney-Fox Updates Release Schedule: Sets Three Untitled 'Star Wars' Movies, 'Avatar' Sequels To Kick Off In 2021 & More". Deadline Hollywood. Retrieved May 8, 2019.
- Hayes, Dade; Evans, Greg (May 14, 2019). "Disney Gains Full Control Of Hulu In Deal With Comcast, Cementing Streaming Strategy". Deadline Hollywood. Retrieved May 15, 2019.
- Primack, Dan; Fischer, Sara (December 14, 2017). "Trump steps into Disney-Fox fray". Axios. Archived from the original on December 15, 2017. Retrieved December 14, 2017.
- "Mergers". June 11, 2013. Archived from the original on December 16, 2017.
- Johnson, Ted (December 14, 2017). "Disney-Fox Deal Lands at Uncertain Time for Antitrust Enforcement". Variety. Penske Media Corporation. Archived from the original on December 14, 2017. Retrieved December 14, 2017.
- Yandoli, Krystie (January 2, 2018). "Journalists Are Nervous About What A Disney And Fox Merger Would Mean For Them". BuzzFeed. Archived from the original on January 2, 2018. Retrieved January 2, 2018.
- Bailey, Jason (December 18, 2017). "Disney's Fox Deal Threatens to Create Superpowered Mouse". The Village Voice. Archived from the original on December 22, 2017. Retrieved December 20, 2017.
- Carroll, Rory (November 7, 2017). "Disney's blackout of LA Times triggers boycott from media outlets". The Guardian. Archived from the original on November 7, 2017. Retrieved November 7, 2017.
- "Why I won't be reviewing 'The Last Jedi', or any other Disney movie, in advance". The Washington Post. November 6, 2017. Archived from the original on November 6, 2017. Retrieved November 7, 2017.
- Carroll, Rory (November 7, 2017). "Disney ends blackout of LA Times after boycott from media outlets". The Guardian. Archived from the original on November 7, 2017. Retrieved November 7, 2017.
- D'Alessandro, Anthony (December 14, 2017). "How The Overwhelming Disney-Fox Movie Lineup Will Impact Rivals And Exhibitors". Deadline Hollywood. Archived from the original on December 15, 2017. Retrieved December 16, 2017.
- Kurjata, Andrew (December 19, 2017). "Disney's movie dominance has a dark side for small towns, independent theatre warns". CBC. Archived from the original on December 20, 2017. Retrieved December 20, 2017.
- Sabbaga, Julia (December 28, 2017). "Coco can suffer a boycott in Brazilian cinemas; understand". Omelete. Archived from the original on January 1, 2018. Retrieved December 31, 2017.
- Gomes, Rafaela (January 4, 2018). "'Coco' is released in a few rooms after Disney's demand". Cinepop. Archived from the original on January 5, 2018. Retrieved January 5, 2018.
- "Brazil Box Office, January 5–7, 2018". Box Office Mojo. Archived from the original on January 14, 2018. Retrieved January 13, 2018.
- Disis, Jill (July 17, 2018). "Disney would dominate the US box office if it buys Fox". CNN. Archived from the original on July 31, 2018. Retrieved July 30, 2018.
- "ACA Urges Full Federal Investigation of Disney-Fox Transaction". American Cable. December 14, 2017. Archived from the original on December 22, 2017. Retrieved January 5, 2018.
- Frankel, Daniel (December 14, 2017). "Disney-Fox video market power must be 'fully investigated', ACA says". Variety. Archived from the original on December 22, 2017. Retrieved December 18, 2017.
- Proud, Liam (December 14, 2017). "Disney's Fox Deal May Force European Telecoms to Retreat". New York Times. Archived from the original on December 28, 2017. Retrieved December 27, 2017.
- Fildes, Nic; Garrahan, Matthew (December 17, 2017). "Fund claims Sky investors could lose out in Disney-Fox deal". Financial Times. Archived from the original on December 28, 2017. Retrieved December 27, 2017.
- Castillo, Michelle (January 10, 2018). "Dish CEO Erik Carlson: 'We have concerns with AT&T and Time Warner' deal". CNBC. Archived from the original on January 10, 2018. Retrieved January 10, 2018.
- James, Meg; Peltz, James F. (December 14, 2017). "Massive Disney-Fox deal expected to get close antitrust scrutiny". Los Angeles Times. Retrieved December 15, 2017.
- "WGAW Opposes Disney-Fox Deal". Writers Guild of America West. December 14, 2017. Archived from the original on January 8, 2018. Retrieved January 7, 2018.
- McClintock, Pamela (January 4, 2018). "Box Office: Get Ready for Hollywood's Shrinking Studio System". The Hollywood Reporter. Archived from the original on January 4, 2018. Retrieved January 4, 2017.
- Cieply, Brooks Barnes and Michael. "Rothman Exits as Head of Fox Film Division". The New York Times. Archived from the original on August 13, 2018. Retrieved November 26, 2018.
- McClintock, Pamela (January 11, 2018). "'The Shape of Water' Producer Calls Out Disney/Fox Deal in Critics' Choice Awards Speech". ComicBook.com. Archived from the original on January 14, 2018. Retrieved January 12, 2018.
- Schmidt, Joseph (January 15, 2018). "'X-Men Gold' Writer Reveals His Opinions About Disney/Fox Purchase". ComicBook.com. Archived from the original on January 16, 2018. Retrieved January 15, 2018.
- James, Meg; Faughnder, Ryan (December 20, 2017). "After the Disney-Fox deal, smaller players like Paramount and MGM face pressure to bulk up". Los Angeles Times. Archived from the original on February 15, 2018. Retrieved March 5, 2018.
- Goldberg, Lesley (February 13, 2018). "Ryan Murphy Leaves 20th TV for Netflix Mega-Deal". The Hollywood Reporter. Archived from the original on February 14, 2018.
- Szalai, George (September 19, 2018). "Bob Bakish on How Disney-Fox Helps Viacom and His Phone Call With CBS Corp.'s Acting CEO". The Hollywood Reporter. Archived from the original on September 23, 2018. Retrieved September 23, 2018.
- Shanley, Patrick (December 14, 2017). "White House: Trump Congratulated Rupert Murdoch on Fox-Disney Deal". Hollywood Reporter. Archived from the original on December 15, 2017.
- Johnson, Ted (December 21, 2017). "Judge Urges Parties in AT&T-Time Warner Case to Limit 'Chatter in the Press'". Variety. Archived from the original on December 24, 2017. Retrieved December 24, 2017.
- Aycock, Jason (December 15, 2017). "KeyBanc downgrades Fox amid high regulatory risk around Disney deal". Seeking Alpha. Archived from the original on February 1, 2018. Retrieved December 16, 2017.
- VanDerWerff, Todd (December 14, 2017). "Disney acquiring Fox means big, scary things for film and TV". Vox. Archived from the original on December 16, 2017. Retrieved December 16, 2017.
- "Disney-Fox Deal Puts Antitrust Enforcers in Bind Over Trump Ally". ChannelsTV. December 17, 2017. Archived from the original on December 22, 2017. Retrieved December 23, 2017.
- Smith, Gerry (December 21, 2017). "Movie Theaters Were Already in Trouble. With Disney's Fox Deal, It's Double". Bloomberg L.P. Archived from the original on December 23, 2017. Retrieved December 23, 2017.
- Bezek, Ian (February 22, 2018). "3 Pros, 3 Cons on Walt Disney Co Stock as the Fox Merger Looms". InvestorPlace. Archived from the original on February 23, 2018.
- "The Walt Disney Company Announces Additions to Its Studio Entertainment Management Team, Conditional Upon Closing of 21st Century Fox Acquisition". The Walt Disney Company. October 18, 2018. Archived from the original on October 26, 2018. Retrieved November 24, 2018.
- Giardina, Carolyn (December 14, 2017). "Disney Deal Could Redraw Fox's Animation Business". The Hollywood Reporter. Retrieved July 31, 2018.
- Hipes, Patrick; Hipes, Patrick (March 22, 2019). "After Trying Day, Disney Sets Film Leadership Lineup". Deadline Hollywood. Retrieved March 26, 2019.
Fox Animation (including Blue Sky Studios) will continue to be led by Co-Presidents Andrea Miloro and Robert Baird.
- Frater, Patrick (February 19, 2019). "New Fox Appoints Wayne Borg to Los Angeles Studio Role". Variety. Retrieved February 19, 2019.
- Brown, Tracy (March 22, 2019). "How Disney's onscreen LGBTQ representation could improve with an overlooked Fox asset". Los Angeles Times. Retrieved May 26, 2019.
- "The Walt Disney Company Announces New Organizational Structure for its Media Networks Business, Conditional Upon Closing of 21st Century Fox Acquisition". The Walt Disney Company. October 8, 2018. Retrieved November 24, 2018.
- Clarke, Stewart (November 6, 2018). "Endemol Shine Sale Called Off (EXCLUSIVE)". Variety. Archived from the original on November 6, 2018. Retrieved November 6, 2018.
- Gouker, Dustin (May 20, 2019). "Disney, ESPN Now Own Piece Of DraftKings Sportsbook After Fox Deal". Legal Sports Report. Retrieved May 20, 2019.
- Donnelly, Matt (November 14, 2018). "Official Name of New Fox Is, Uh, Fox – and Other Takeaways From Annual Stockholders Meeting". Variety. Archived from the original on November 14, 2018. Retrieved November 15, 2018.
- Hayes, Dade (February 27, 2019). "MyNetworkTV, 10 Years After Strategic Pivot, Is A Quiet But Steady Engine For Fox". Deadline Hollywood. Retrieved March 19, 2019.
(A)mong the assets that will remain behind as part of Fox Corp.: MyNetworkTV.
- "Disney and Fox drops their stake in Sky". September 26, 2018. Archived from the original on October 12, 2018. Retrieved October 12, 2018.
- Littleton, Cynthia (November 13, 2018). "Disney in Talks With Hearst to Sell A+E Networks European Channels (EXCLUSIVE)". Variety. Archived from the original on November 14, 2018. Retrieved November 15, 2018.
- Soshnick, Scott (June 14, 2018). "Yankees Consider Buying Back YES If Fox Sells Assets". Bloomberg L.P. Archived from the original on June 15, 2018. Retrieved June 15, 2018.
- Hayes, Dade (March 8, 2019). "YES Network Sold For $3.5B To Yankees, Amazon, Sinclair, Private Equity: Reports". Deadline Hollywood. Retrieved March 9, 2019.
- Associated Press (May 3, 2019). "Sinclair to buy regional Fox Sports networks for $9.6B". Spectrum News. Retrieved May 4, 2019.
- Lima, Mario; Navarro, Andrea (February 21, 2019). "Disney to Accept Divesting of Fox Sports in Brazil and Mexico". Bloomberg. Retrieved February 21, 2019.