Walt Disney Co. said Tuesday it would close its blockbuster deal for the film and television assets of 21st Century Fox on March 20, a deal likely to reshape the media-entertainment landscape.

The $71 billion deal gives Disney the prized 20th Century Fox studios and other media production units.

It also vastly reduces the empire of media mogul Rupert Murdoch and his family, who are planning a “new Fox” that includes the US broadcast network and the Fox News Channel.

The Disney-Fox deal comes amid a shifting media sector where the “legacy” producers controlling Hollywood are seeking to fend off competition from emerging streaming firms including Netflix and Amazon.

Disney is expected to launch a rival streaming platform later this year, and Apple is expected to launch its own service as well.

The deal gives Disney the 20th Century Fox studios along with a controlling stake in Hulu, the online platform created by media groups to challenge Netflix and Amazon

Disney already owns the ABC broadcast television network, sports broadcasting group ESPN and major Hollywood film studios along with theme parks around the world.

Source:https://guardian.ng