Over the last year, Walt Disney’s purchased of 20th Century Fox has been undergoing heavy government scrutiny. In that time, many have been speculating on how the merger will undoubtedly effect the Hollywood landscape or whether or not the deal would even pass official inspection. Well, it looks like it is going to be an affirmative for the latter, with answers regarding the former inevitably incoming, and sooner rather than later.
Disney officially announced Tuesday (per Variety) that its landmark deal with 20th Century Fox will formally close and and go into effect 12:02 a.m. EST on March 20th, 2019. Consequentially, March 19th will mark the official birth of FOX Corporation, a new entity which has been formed from the remaining assets that the Walt Disney Company did not purchase in the unprecedented buyout.
Variety notes that Disney will take on an estimated $13.8 billion in debt from 21st Century Fox as a direct result of the union. Of course, as one would imagine the case to be when one major studio purchases another, there is a lot of overlap in the work force and the report observes that 4,000 people are expected to lose their jobs.
Now the rest of us can only watch as Hollywood enters into the super studio era.
What do you make of this news? Are you nervous about the unprecedented purchase of 20th Century by Disney? And how do you feel about the infinite opportunities that may or may not result from it? Sound off in the comments below, I would love to hear what you have to say!
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