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Disney completes its $71 billion buy of Fox entertainment assets

Disney has closed its $71 billion acquisition of Fox’s entertainment business, putting “Cinderella,” ”The Simpsons,” ”Star Wars” and “Dr. Strange” under one corporate roof.  The deal is likely to shake up the media landscape. Among other things, it paves the way for Disney to launch its streaming service, Disney Plus, due out later this year.

It will also likely lead to layoffs in the thousands, thanks to duplication in Fox and Disney film-production staff. 

By buying the studios behind “The Simpsons” and X-Men, Disney aims to better compete with technology companies such as Amazon and Netflix for viewers’ attention – and dollars.

Disney needs compelling TV shows and movies to persuade viewers to sign up and pay for yet another streaming service. It already has classic Disney cartoons, “Star Wars,” Pixar, the Muppets and some of the Marvel characters. With Fox, Disney could add Marvel’s X-Men and Deadpool, along with programs shown on such Fox channels as FX Networks and National Geographic. Fox’s productions also include “The Americans,” ”This Is Us” and “Modern Family.”

The deal helps Disney further control TV shows and movies from start to finish – from creating the programs to distributing them though television channels, movie theaters, streaming services and other ways people watch entertainment. Disney would get valuable data on customers and their entertainment-viewing habits, which it can then use to sell advertising.

Disney CEO Bob Iger said in an earnings call in February that Disney Plus and other direct-to-consumer businesses are Disney’s “No. 1 priority.”

Cable and telecom companies have been buying the companies that make TV shows and movies to compete in a changing media landscape. Although internet providers like ATT and Comcast directly control their customers’ access to the internet in a way that Amazon, YouTube and Netflix do not, they still face

Article source: https://www.cbsnews.com/news/disney-fox-entertainment-purchase-closes-71-billion-dollars-closes/

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