Disney finalizing pact to acquire assets from 21st Century Fox

Disney's Iger Says Fox Deal Creates Great Global Company

Disney's Iger Says Fox Deal Creates Great Global Company

To help see the deal through, Iger will stay on as Disney CEO through 2021.

Fox is expected to keep its news divisions including Fox News and Fox Business, as well as its broadcast network and the local stations it owns and the cable channel Fox Sports.

Disney will pay 0.2745 share for each Fox share, equal to 29.54 as of Disney's Wednesday close.

CNNMoney previously reported that a November 6 news report about Disney's talks with Fox is what prompted Comcast and other potential buyers to reach out to Fox.

The total transaction is worth $66.1 billion, but that includes $13.7 billion of debt.

The deal gives Disney 21st Century Fox's film and television studios, cable entertainment networks and global TV businesses. "The deal will also substantially expand our global reach, allowing us to offer world-class storytelling and innovative distribution platforms to more consumers in key markets around the world".

Disney chief executive Bob Iger, who will continue to lead the combined company, 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". A second and still unnamed offering, built around the company's Disney, Marvel, Lucasfilm and Pixar brands, will roll out late next year.

In August, Iger said Disney would end a deal that gave Netflix its most-popular movies and would instead launch its own streaming-video services.

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