The Walt Disney Company said on Dec. 14 they would buy 21st Century Fox in an all-stock transaction for about $52.4 billion, according to The Washington Post.
While the heads of Disney and Fox have agreed to this sale, The New York Times reports the deal could be subject to the approval of antitrust regulators and the deal could be blocked by the Justice Department. The Justice Department recently sued to block the AT&T and Time Warner merger in November, and they could do the same here.
With this purchase, Disney gains a lot but not everything Fox owns. According to The Washington Post, the Fox News Channel, Fox Business Channel, the Fox studio lot in Los Angeles and several national sports channels will be left with 21st Century Fox chairman Rupert Murdoch.
According to IGN and The Washington Post, Disney bought cable channels such as FX, National Geographic, Fox’s stakes in Hulu, some U.S. regional sports outlets, 20th Century Fox film studio and more. Disney also gains the rights to the X-Men, Fantastic Four and other movie franchises.
With this deal, classic characters from the X-Men, such as Wolverine, and the Fantastic Four can now join the Marvel Cinematic Universe and appear in movies alongside characters like Captain America and Iron Man.
Social media exploded with news of the merger, with most people talking about how excited they were with the new change to come in the Marvel Cinematic Universe. Some social media used humor to point out the fact that Disney is continuously growing bigger and bigger over the years.
Disney Chairman and CEO Bob Iger was to retire in 2019 but extended his time at Disney until 2021, according to The New York Times. In a statement about the acquisition, Iger said, “The acquisition of this stellar collection of businesses from 21st Century Fox reflects the increasing consumer demand for a rich diversity of entertainment experiences that are more compelling, accessible and convenient than ever before.”