Disney, officially acquired 21st Century Fox. The $71 billion dollar acquisition adds to the number of beloved entertainment assets to Disney’s already large collection.
The acquisition became official on Wednesday. In return, this creates one of the largest entertainment companies worldwide. The Disney-Fox merge comes as Disney is preparing to launch a streaming service, Disney+. While Disney+ will be among a crowded field of streaming competitors, they are counting on their extensive library to help them win their way into living rooms. Adding 21st Century Fox’s content will certainly help this cause.
Disney CEO, Bob Iger, released a memo to both organizations this week. In the note that employees shared with CNBC, Iger announces the completion of the acquisition. He thanks employees for their continued patience and states that the hardest part lies ahead, uniting the two companies.
The Disney-Fox deal follows another high profile media merger.
AT&T acquired Time Warner in June of last year for $85.4 billion. This merger brought together global media and entertainment leaders Warner Bros., HBO, and Turner. Additionally, AT&T’s leadership in technology and consumer relationships have created a powerhouse duo in the media industry. AT&T-Warner also have plans to launch a streaming service later this year that will include HBO.