Let it be known that by 12:02 ET on Wednesday morning, March 20, that the Seventh Seal will have been broken. There will be panic in the streets as dogs and cats begin living together, eventually leading to mass hysteria. Why, you ask? It's because the time has finally come for Disney to swallow its own tail by absorbing 21st Century Fox. Once the transformation is complete, the House of Mouse will have acquired another appendage for its Entertainment Voltron that will one day destroy us all.
Sorry about that, folks. I don't know who let Mr. Apocalypse into my office, but I'm here now. Walt Disney Company’s acquisition of 21st Century Fox will soon be complete, ending the long-gestating merger of two of Hollywood's largest and most influential studios.
As you're likely to know, the deal was announced back in December of 2017 when Disney offered Fox a multi-billion dollar amount that would make Scrooge McDuck's head spin. As per the deal, Disney will assume ownership over 21st Century Fox film and TV divisions. What's got many people excited (and other's quite fearful), is that the deal includes the film rights to the X-Men, Deadpool, and Fantastic Four properties, as well as James Cameron's AVATAR franchise. Disney will also absorb Fox Searchlight, the studios behind such films as BLACK SWAN, THE SHAPE OF WATER, the upcoming TOLKIEN, LUCK IN THE SKY, and much, much more.
Here's an official breakdown of what Disney looks to gain as per an official statement from 21st Century Fox:
NEW YORK, New York, March 19, 2019 – 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.
For those of you who're wondering about Fox's news outlets … No, Disney will not be taking on the Rupert Murdoch-owned Fox Corp. Also, according to The Wrap, former House Speaker Paul Ryan was given a position on the Fox Corp board as one of its newest members. Of course, while power continues to shift, it's to be expected that layoffs will soon follow. How much, you ask? Well, according to THR, as Disney absorbs much of Fox's film and TV units — Fox Broadcasting, Fox News and TV stations will be spun off into New Fox, headed by Lachlan Murdoch — repercussions will be felt not only in Los Angeles but worldwide. In fiscal 2018, Fox had 22,000 employees across the globe (compared with about 201,000 for Disney). Roughly 7,000 are expected to become part of New Fox. Disney has promised $2 billion in cost savings, so more than 4,000 layoffs are expected (though Disney-skeptic analyst Rich Greenfield puts the number at 5,000 to 10,000 over time).
While there are bound to be a myriad of reactions to this momentous merger, I feel it is my duty to let you know that some are taking the End Times in stride … like DEADPOOL actor Ryan Reynolds. Shortly after news broke that the deal was nearing its completion, Reynolds tweeted a chuckle-worthy photo of Wade riding a Disney-brand bus.
How do you feel about the Disney/Fox merger? Are you prepared to enter into a whole new era of entertainment? Will there one day be a worldwide mandate for every citizen on the planet to be fitted for mouse ears? Is this the bginning of the end, or the start to something truly amazing? Sound off in the comments section below.