US: Fox/Disney merger expect Summer 2019 completion

President of 21st Century Fox, Peter Rice, held a town hall meeting with Fox employees to provide an update on Disney’s US$66 billion acquisition of the 20th Century Fox movie studio, 20th Century Fox Television TV studio and FX Networks. According to Rice, the deal would be finalized by the end of next summer at the latest.

The remaining Fox assets, including Fox Broadcasting Company, national sports cable networks FS1 and FS2, Fox News Channel and the Fox stations, will form a new company, previously referred to by Rupert Murdoch as New Fox. On Thursday, April 12, Rice jokingly called the slimmed-down post-merger group “Diet Fox” in response to a comparison an attendee made between New Fox and New Coke. He noted that the new company will likely be called Fox. Rice expects that management changes at Fox would be announced first, over the next 12 months, because that company has to be up and running on the day the Disney transaction comes through.

Throughout the next seven years, Disney plans to lease offices on the 20th Century Fox lot in West Los Angeles where the post-deal operations are to be concentrated. Some employees will move over to the House of Mouse in what is hoped to be a seamless transition while others will stay behind at Fox to focus on news and sports.

Full Content: Deadline

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.