Disney announced on Thursday it had reached a $52 billion deal to buy most of the assets of 21st Century Fox. It is "the biggest and most consequential media merger in an era of big and consequential media consolidation deals," reports Quartz. "The deal will have a lasting effect on film, television, and the internet." From the report: If the merger is approved, Disney will own: All of Fox's film studios (20th Century Fox, Fox Searchlight, and Fox 2000); Fox's television studio; FX Networks; National Geographic; Fox's stake in European broadcaster Sky; Fox's stake in North American streamer Hulu. Staying with the hollowed out 21st Century Fox is the Fox broadcast network, Fox News, Fox Sports, and Fox Business. With Fox's film and TV studios and its cable networks, Disney will acquire the rights to literally hundreds of popular television series and movies. (Some of which include Avatar, X-Men, Deadpool, Modern Family and The Simpsons.) Imagine all of the properties mentioned above, plus all of Disney's existing franchises (Star Wars, Marvel, Pixar, etc.) combined into one internet streaming service. You won't have to imagine for long, because that's pretty much exactly why Disney CEO Bob Iger was so keen on buying all of Fox's biggest assets. Disney plans to release a streaming entertainment service in 2019. It would have been quite formidable on its own, even without Fox's help, but now it will likely be the first true rival to Netflix in the streaming space. Before today, Disney, Fox, and Comcast (NBCUniversal) all shared equal 30% stakes in Hulu (Time Warner owns 10%). But when Disney takes over Fox's share of the streaming service, it will own 60%, becoming a controlling majority owner, relegating Comcast to minority owner in the process. 20th Century Fox, we hardly knew ye. Okay, that may be a bit premature, but it's clear that Fox's film business won't be the same if the merger is approved. The deal marks the first time in modern history that one major film studio has purchased another, eliminating one of the "big six," and essentially giving Disney control of two-thirds of Hollywood. (The other four major movie studios are Universal, Warner Bros., Paramount, and Sony.)
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