Disney-Fox Deal is Expected to Close by Mid-2019, Peter Rice Gives Update on Merger
In a town hall held by 21st Century Fox president Peter Rice, he stated that the acquisition by Disney should be done by Spring/Summer 2019. This is on the far end of the analyst expectations, who speculated that the deal would take between 12 – 18 months. He also revealed to the anxious staff members that his favorite Disney character is Goofy, further proving with lightheartedness that there isn’t any pressing news currently on the deal between the two.
Disney will acquire the 20th Century Fox Television studio, 20th Century Fox movie studio, and FX Networks. The remaining assets, namely Fox Broadcasting Company, Fox Sports and Fox News, will form a new company. Disney will lease office space on the Fox lot for seven years after the acquisition as they transition employees and other assets to the Walt Disney lot. The move should be a painless one for employees moving over and an exciting one for the current employees, as this merger will be a rebirth of focus for the company.