Old page wikitext, before the edit (old_wikitext) | '<noinclude>{{User:RMCD bot/subject notice|1=Pending acquisition of 21st Century Fox by Disney|2=Talk:Proposed acquisition of 21st Century Fox by Disney#Moving article after results of shareholder vote #2 }}
</noinclude>{{overly detailed|date=July 2018}}
{{Use mdy dates|date=January 2018}}
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On December 14, 2017, [[The Walt Disney Company]] announced a bid to merge with [[21st Century Fox]] for $52.4 billion in stock.<ref>{{Cite news|url=https://www.thewaltdisneycompany.com/the-walt-disney-company-signs-amended-acquisition-agreement-to-acquire-twenty-first-century-fox-inc-for-71-3-billion-in-cash-and-stock/|title=The Walt Disney Company Signs Amended Acquisition Agreement To Acquire Twenty-First Century Fox, Inc., For $71.3 Billion In Cash And Stock - The Walt Disney Company|date=2018-06-20|work=The Walt Disney Company|access-date=2018-08-01|language=en-US}}</ref> Assets being assumed by the merger include the [[20th Century Fox|Twentieth Century Fox film and TV studios]], [[Fox Networks Group]] (along with cable networks such as [[FX (TV channel)|FX Networks]]), stakes in [[National Geographic Society#National Geographic Partners Joint Venture|National Geographic Partners]], Indian satellite TV group [[Star India]], [[Hulu]], UK-based satellite TV group [[Sky plc]], and other key assets. 21st Century Fox will [[Corporate spin-off|spin-off]] [[Fox News]], the [[Fox Business Network]], [[Fox Sports 1|FS1]], [[Fox Sports 2|FS2]], [[Fox Deportes]], the [[Big Ten Network]], the [[Fox Broadcasting Company]], [[Fox Television Stations]], and [[MyNetworkTV]] into the "New Fox" company.<ref name="st">{{cite news|last=Nolter|first=Chris|title=Disney Acquires Most of Fox's Assets in Blockbuster $52.4 Billion Stock Deal|url=https://www.thestreet.com/story/14420470/1/disney-acquires-fox-assets-blockbuster-deal.html|work=[[TheStreet.com]]|date=December 14, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215000518/https://www.thestreet.com/story/14420470/1/disney-acquires-fox-assets-blockbuster-deal.html|archivedate=December 15, 2017|df=mdy-all}}</ref>
[[Comcast]] (whose division [[NBCUniversal]] includes [[Universal Pictures]], [[DreamWorks Animation]], [[Illumination (animation company)|Illumination Entertainment]] and [[Universal Parks & Resorts]]) counter-offered on June 13, 2018, with a $65 billion all cash proposal to acquire the Fox assets that Disney was set to purchase, touching off a major bidding war between the two companies.<ref name="LDWA">{{cite web|url=https://www.theverge.com/2018/6/13/17457244/comcast-21st-century-fox-film-tv-studios-acquisition-deal-announced|title=Comcast makes $65 billion offer to steal 21st Century Fox away from Disney|last=Welch|first=Chris|work=The Verge|date=June 13, 2018|accessdate=June 13, 2018}}</ref> A week later, Disney counterbid with a $71.3 billion offer.<ref name="Bloomberg">{{cite web|url=https://www.bloomberg.com/news/articles/2018-06-20/fox-agrees-to-sweetened-bid-from-disney-dealing-blow-to-comcast|title=Disney Sweetens Offer for Fox to $71 Billion, Outbidding Comcast|website=Bloomberg|last=Turner|first=Nick|date=June 20, 2018|accessdate=June 20, 2018}}</ref> Comcast officially ended its bidding war with Disney to acquire Fox on July 19, in order to focus on acquiring a controlling stake in Sky plc.<ref>{{cite web|url=https://www.washingtonpost.com/business/2018/07/19/comcast-drops-bid-st-century-fox-leaving-entertainment-powerhouse-hands-disney/|title=Comcast drops bid for 21st Century Fox, clearing way for Disney|last=Zeitchik|first=Steven|last2=Romm|first2=Tony|work=The Washington Post|date=July 19, 2018|accessdate=July 22, 2018}}</ref> Disney and Fox shareholders approved the merger between both companies on July 27. If approved by all international regulators, the merger is estimated to be completed in the first half of 2019.<ref name="Approval">{{cite web|url=https://www.thewrap.com/fox-disney-shareholders-vote-approve-merger/|title=Fox and Disney Shareholders Vote to Approve $71.3 Billion Merger|last=Williams|first=Trey|work=The Wrap|date=July 27, 2018|accessdate=July 27, 2018}}</ref>
==History==
===2017===
On November 6, 2017, [[CNBC]] reported that [[The Walt Disney Company]] was negotiating a deal with [[Rupert Murdoch]] to acquire [[21st Century Fox]]'s filmed entertainment, cable entertainment, and direct broadcast satellite divisions, including [[20th Century Fox]], [[FX (TV channel)|FX Networks]], and [[National Geographic Society#National Geographic Partners Joint Venture|National Geographic Partners]]. The deal would reportedly exclude the [[Fox Broadcasting Company]], 20th Century Fox's studio lot, [[Fox Television Stations]], [[Fox News]], the [[Fox Business Network]], and [[Fox Sports (United States)|Fox Sports]], which would be spun off into a new independent company run by the [[Murdoch family]].<ref>{{cite news |last1=Faber |first1=David |title=21st Century Fox has been holding talks to sell most of the company to Disney: Sources |url=https://www.cnbc.com/2017/11/06/21st-century-fox-has-been-holding-talks-to-sell-most-of-company-to-disney-sources.html |accessdate=July 5, 2018 |work=CNBC |date=November 6, 2017}}</ref>
It would also include film rights to certain franchises, including [[X-Men]] and [[Fantastic Four]], and the distribution rights to ''[[Star Wars (film)|Star Wars: Episode IV – A New Hope]]'', which are not owned by Disney. Talks had stalled for the day without a deal being finalized,<ref>{{cite news|last=Shaw|first=Lucas|last2=Sakoui|first2=Anousha|title=Disney Explored Buying Fox Assets; Talks Now Dead|url=https://www.bloomberg.com/news/articles/2017-11-06/disney-looked-at-buying-most-of-fox-talks-now-dead-cnbc-says|work=Bloomberg|date=November 6, 2017|accessdate=November 6, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171106214434/https://www.bloomberg.com/news/articles/2017-11-06/disney-looked-at-buying-most-of-fox-talks-now-dead-cnbc-says|archivedate=November 6, 2017|df=mdy-all}}</ref><ref>{{cite news|last=White|first=Adam|title=Why Disney buying 20th Century Fox could be good news for Marvel and Star Wars fans|url=https://www.telegraph.co.uk/films/2017/11/07/disney-buying-20th-century-fox-could-good-news-marvel-star-wars/|work=The Daily Telegraph|date=November 7, 2017|accessdate=December 3, 2017|language=en-GB|issn=0307-1235|deadurl=no|archiveurl=https://web.archive.org/web/20171204064336/http://www.telegraph.co.uk/films/2017/11/07/disney-buying-20th-century-fox-could-good-news-marvel-star-wars/|archivedate=December 4, 2017|df=mdy-all}}</ref> but it was reported on November 10 that the prospected deal had yet to be fully abandoned.<ref>{{cite news|last=Moyer|first=Liz|title=Fox shares jump as 'pencils aren't down' on possible Disney deal|url=https://www.cnbc.com/2017/11/10/pencils-arent-down-on-disney-21st-century-fox-deal.html|work=[[CNBC]]|date=November 10, 2017|accessdate=November 10, 2017|deadurl=no|archiveurl=https://www.webcitation.org/6usi9jQb4?url=https://www.cnbc.com/2017/11/10/pencils-arent-down-on-disney-21st-century-fox-deal.html|archivedate=November 11, 2017|df=mdy-all}}</ref>
On November 16, 2017, it was reported that [[Comcast]] (parent company of [[NBCUniversal]]), [[Verizon Communications]], and [[Sony]] had also joined Disney in a bidding war for 21st Century Fox.<ref>{{cite news|last=James|first=Meg|title=Comcast jumps into bidding war for 21st Century Fox's media assets|url=http://beta.latimes.com/business/hollywood/la-fi-ct-comcast-21st-century-fox-20171116-story.html|work=Los Angeles Times|date=November 16, 2017|accessdate=November 16, 2017}}</ref><ref>{{cite news|last=Bond|first=James|title=Sony Also Inquiring About 21st Century Fox Assets|url=https://www.hollywoodreporter.com/news/sony-inquiring-21st-century-fox-assets-1059499|work=The Hollywood Reporter|date=November 17, 2017|accessdate=November 17, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171118094022/https://www.hollywoodreporter.com/news/sony-inquiring-21st-century-fox-assets-1059499|archivedate=November 18, 2017|df=mdy-all}}</ref> During a recent shareholders meeting, 21st Century Fox co-chairman Lachlan Murdoch stated that Fox was not a "sub-scale" company "finding it difficult to leverage their positions in new and emerging video platforms", but had "the required scale to continue to both execute on our aggressive growth strategy and deliver significant increased returns to shareholders".<ref>{{cite news|last=Littleton|first=Cynthia|title=21st Century Fox Shares Soar on Reports of Comcast Acquisition Overture, Verizon Interest|url=https://variety.com/2017/biz/news/comcast-21st-century-fox-acquisition-1202617008/|work=Variety|date=November 16, 2017|accessdate=November 17, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171117021029/http://variety.com/2017/biz/news/comcast-21st-century-fox-acquisition-1202617008/|archivedate=November 17, 2017|df=mdy-all}}</ref>
Because Disney owns the [[American Broadcasting Company]] (ABC), Comcast owns the National Broadcasting Company ([[NBC]]), and 21st Century Fox owns the Fox Broadcasting Company, a full acquisition of Fox by either Disney or Comcast would be illegal under the [[Federal Communications Commission]] (FCC)'s rules prohibiting a merger between any of the four major broadcast networks.<ref>{{cite news|last=Littleton|first=Cynthia|title=21st Century Fox Shares Soar on Reports of Comcast Acquisition Overture, Verizon Interest|url=https://variety.com/2017/biz/news/comcast-21st-century-fox-acquisition-1202617008/|work=Variety|date=November 16, 2017|accessdate=January 4, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171117021029/http://variety.com/2017/biz/news/comcast-21st-century-fox-acquisition-1202617008/|archivedate=November 17, 2017|df=mdy-all}}</ref><ref>{{cite news|last=Johnson|first=Ted|title=A Disney-Fox Deal Would Land at an Uncertain Moment for DOJ Review of Big Media|url=https://variety.com/2017/politics/news/disney-fox-antitrust-1202631193/|work=Variety|date=December 5, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215111505/http://variety.com/2017/politics/news/disney-fox-antitrust-1202631193/|archivedate=December 15, 2017|df=mdy-all}}</ref>
On November 28, 2017, while mentioning a rumor that the rumored negotiations between Disney and Fox were progressing at a rapid pace, Mike Fleming Jr. of ''[[Deadline Hollywood]]'' commented that "given how Disney made the Marvel and Lucasfilm deals under the cone of silence, if this happens we'll probably only know it when it's announced. It is certainly being talked about today."<ref>{{cite news|last=Fleming Jr.|first=Mike|title=Bart & Fleming: Sparks Rekindling On Disney-Fox Deal? Should Shamed Artists & Execs Be Stricken From History?|url=https://deadline.com/2017/11/disney-fox-deal-should-shamed-artists-be-stricken-from-history-1202214838/|website=Deadline Hollywood|date=November 28, 2017|accessdate=November 28, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171129020848/http://deadline.com/2017/11/disney-fox-deal-should-shamed-artists-be-stricken-from-history-1202214838/|archivedate=November 29, 2017|df=mdy-all}}</ref>
Rumors of a nearing deal continued on December 5, 2017, with additional reports suggesting that the [[Fox Sports Networks|FSN]] [[regional sports network]]s would be included in the sale (assets that would likely be aligned with Disney's [[ESPN]] division).<ref>{{cite news|last=Faber|first=David|title=Disney and Fox are closing in on deal, could be announced next week: Sources|url=https://www.cnbc.com/2017/12/05/disney-and-fox-are-closing-in-on-deal-could-be-announced-next-week--sources.html|work=CNBC|date=December 5, 2017|accessdate=December 5, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171205155759/https://www.cnbc.com/2017/12/05/disney-and-fox-are-closing-in-on-deal-could-be-announced-next-week--sources.html|archivedate=December 5, 2017|df=mdy-all}}</ref><ref>{{cite news|last=Jackson|first=Eric|title=Disney's latest proposal to Fox is a big bet on local TV sports -- and ESPN|url=https://www.cnbc.com/2017/12/05/disney-fox-deal-to-include-rsns-cement-local-sports-tv-control.html|work=CNBC|date=December 5, 2017|accessdate=December 5, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171206091752/https://www.cnbc.com/2017/12/05/disney-fox-deal-to-include-rsns-cement-local-sports-tv-control.html|archivedate=December 6, 2017|df=mdy-all}}</ref><ref>{{cite news|last=Andreeva|first=Nellie|last2=Fleming|first2=Mike|title=Disney-Fox: What Happens To FBC, Will Disney Become OTT Powerhouse & How Will Teams & Cultures Mesh If Deal Makes|url=http://deadline.com/2017/12/what-happens-to-fox-if-disney-deal-happens-broadcast-news-sports-1202220975/|website=Deadline Hollywood|date=December 6, 2017|accessdate=December 7, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171207141448/http://deadline.com/2017/12/what-happens-to-fox-if-disney-deal-happens-broadcast-news-sports-1202220975/|archivedate=December 7, 2017|df=mdy-all}}</ref><ref>{{cite news|last=Littleton|first=Cynthia|title=Disney, Fox Huddle With Bankers as Deal Talks Progress|url=https://variety.com/2017/biz/news/disney-fox-goldman-sachs-centerview-jp-morgan-guggenheim-partners-1202634210/|work=Variety|date=December 8, 2017|accessdate=December 8, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171208235845/http://variety.com/2017/biz/news/disney-fox-goldman-sachs-centerview-jp-morgan-guggenheim-partners-1202634210/|archivedate=December 8, 2017|df=mdy-all}}</ref>
On December 11, 2017, Comcast announced it was dropping its bid on the Fox assets.<ref>{{cite news|last=Littleton|first=Cynthia|title=Disney Nearing Finish Line With 21st Century Fox as Comcast Bows Out of Acquisition Hunt|url=https://variety.com/2017/biz/news/disney-21st-century-fox-comcast-sale-out-1202636618/|work=Variety|date=December 11, 2017|accessdate=December 11, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171211234648/http://variety.com/2017/biz/news/disney-21st-century-fox-comcast-sale-out-1202636618/|archivedate=December 11, 2017|df=mdy-all}}</ref> On December 14, however, Disney and Fox confirmed a $52.4 billion deal to merge the two companies, pending approval from the [[United States Department of Justice Antitrust Division]].<ref name=":2">{{cite news|last=Castillo|first=Michelle|title=Disney to buy 21st Century Fox assets in a deal worth more than $52 billion in stock|url=https://www.cnbc.com/2017/12/14/disney-to-buy-21st-century-fox-assets.html|work=CNBC|date=December 14, 2017|accessdate=December 14, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171214133050/https://www.cnbc.com/2017/12/14/disney-to-buy-21st-century-fox-assets.html|archivedate=December 14, 2017|df=mdy-all}}</ref>
===Early 2018===
In February, CNBC reported that, despite the Disney-Fox deal, Comcast might take action to outbid Disney's $52.4 billion offer, once the [[AT&T]]–[[WarnerMedia|Time Warner]] merger went through. Despite this, Fox president [[Peter Rice (executive)|Peter Rice]] stated he was content with the Disney offer and that the Fox assets were "a great fit for Disney."<ref>{{cite web|url=https://www.hollywoodreporter.com/news/foxs-peter-rice-talks-potential-comcast-deal-his-future-at-disney-1084166|title=Fox's Peter Rice Talks Potential Comcast Deal, His Future Post-Acquisition|last=Jarvey|first=Natalie|work=The Hollywood Reporter|date=February 12, 2018|accessdate=February 14, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180213075418/https://www.hollywoodreporter.com/news/foxs-peter-rice-talks-potential-comcast-deal-his-future-at-disney-1084166|archivedate=February 13, 2018|df=mdy-all}}</ref>
Later that month, Comcast made an offer to purchase British broadcast network [[Sky plc]] for about $31 billion (£22.1 billion) with £12.50 a share,<ref>{{cite web|url=https://www.cnbc.com/2018/02/27/comcast-offers-31-billion-to-buy-broadcasting-group-sky.html|title=Comcast challenges Murdoch's Fox with $31 billion offer to buy British broadcasting group Sky|last=Meredith|first=Sam|work=CNBC|date=February 27, 2018|accessdate=February 27, 2018}}</ref><ref>{{cite web|url=https://www.usatoday.com/story/money/business/2018/02/27/comcast-bids-sky/376060002/|title=Comcast battles Rupert Murdoch's Fox in $31B bid for Britain's Sky TV|last=McCoy|first=Kevin|work=USA Today|date=February 27, 2018|accessdate=February 27, 2018}}</ref> a move that some analysts speculated could trigger a bidding war between Fox, Disney, and Comcast for Sky.<ref>{{cite web|url=https://www.cnbc.com/2018/02/27/comcast-sky-offer-expected-to-fuel-bidding-war-with-disney-and-fox.html|title=Comcast's Sky offer expected to fuel a 'bidding war' with Disney and Fox|last=Meredith|first=Sam|work=CNBC|date=February 27, 2018|accessdate=February 27, 2018}}</ref>
Early in March, the non-profit group Protect Democracy Project Inc filed a lawsuit against the [[United States Department of Justice]] on the hopes to seek any records of communications between the two groups over Disney's pending acquisition of Fox. The lawsuit also sought "any related antitrust enforcement efforts by the DOJ, to find out whether the president or his administration is improperly interfering with the independence of the DOJ out of favoritism for a political ally." [[Donald Trump]] congratulated Murdoch for the Disney-Fox deal while attacking AT&T's acquisition of Time Warner, particularly over the ownership of [[CNN]], which he frequently criticized due to alleged bias.<ref>{{cite web|url=http://www.businessinsider.com/r-white-house-justice-department-sued-for-records-on-fox-disney-deal-2018-3|title=White House, Justice Department sued for records on Fox-Disney deal|last=Shepardson|first=David|work=Business Insider|date=March 5, 2018|accessdate=February 27, 2018}}</ref>
Weeks later, Sky plc entered into a confidentiality agreement with both Fox and Disney to assess and obtain certain antitrust and other regulatory approvals if necessary.<ref>{{cite web|url=http://www.rttnews.com/2873115/sky-plc-enters-into-confidentiality-agreement-with-21st-century-fox-disney.aspx|title=Sky Plc Enters Into Confidentiality Agreement With 21st Century Fox, Disney|work=RTT News|date=March 15, 2018|accessdate=March 17, 2018}}</ref><ref>{{cite web|url=https://advanced-television.com/2018/03/16/sky-21cf-confidentiality-agreement/|title=Sky/21CF confidentiality agreement|last=Mann|first=Colin|work=Advanced Television|date=March 16, 2018|accessdate=March 17, 2018}}</ref> The following month, 21st Century Fox made two proposals regarding the Sky acquisition; they would either sell [[Sky News]] to Disney (which would be a separate transaction from the Disney-Fox merger) or separate Sky News from Sky plc.<ref>{{cite web|url=http://money.cnn.com/2018/04/03/media/fox-sky-news-disney/index.html|title=21st Century Fox offers to sell Sky News to Disney|last=Riley|first=Charles|work=CNN|date=April 3, 2018|accessdate=April 3, 2018}}</ref><ref>{{cite web|url=https://news.sky.com/story/cma-publishes-latest-fox-remedies-for-sky-bid-11314926|title=Fox offers to sell Sky News to Disney in takeover bid|last=King|first=Ian|work=Sky News|date=April 3, 2018|accessdate=April 3, 2018}}</ref><ref>{{cite web|url=https://www.wsj.com/articles/fox-says-disney-could-buy-u-k-s-sky-news-1522739736|title=Fox Says Disney Is Prepared to Buy Sky News in Bid to Allay Regulators|last=Dummett|first=Ben|last2=Woo|first2=Stu|work=The Wall Street Journal|date=April 3, 2018|accessdate=April 3, 2018}}</ref>
Later that month, the [[Panel on Takeovers and Mergers]] ruled that Disney had to acquire all of Sky within 28 days of fully acquiring Fox if the latter's acquisition of Sky is not completed by the time the merger is done, or if Comcast's counter-offer isn't accepted.<ref>{{cite web|url=http://deadline.com/2018/04/disney-will-be-forced-to-acquire-all-of-sky-if-foxs-takeover-of-uk-pay-net-is-not-complete-before-mega-deal-1202362838|title=Disney Will Be Forced To Acquire All Of Sky If Fox’s Takeover Of UK Pay Net Is Not Complete Before Mega-Deal|last=White|first=Peter|website=Deadline Hollywood|date=April 12, 2018|accessdate=April 25, 2018}}</ref> The same day, Rice revealed that the merger was expected to close by summer 2019.<ref>{{cite web|url=http://deadline.com/2018/04/disney-fox-merger-close-idate-summer-2019-fbc-diet-fox-peter-rice-1202363025/|title=Disney-Fox Deal To Close By Summer 2019, FBC To Evolve, "Diet Fox" & More Highlights From Fox Town Hall Meeting|last=Andreeva|first=Nellie|website=Deadline Hollywood|date=April 12, 2018|accessdate=April 12, 2018}}</ref>
On April 25, Comcast started a bidding war with Fox for the acquisition of Sky plc.<ref>{{cite news|url=https://www.nytimes.com/2018/04/25/business/dealbook/comcast-sky-rupert-murdoch.html|title=Comcast Starts Bidding War With 21st Century Fox for Sky|last=Merced|first=Michael|work=The New York Times|date=April 25, 2018|accessdate=April 25, 2018}}</ref> By May, it was reported that Comcast spoke to investment banks about topping Disney's offer to acquire Fox.<ref>{{cite web|last=Roumeliotis|first=Greg|title=Exclusive: Comcast prepares all-cash bid to gate-crash Disney-Fox deal — sources|url=https://www.reuters.com/article/us-fox-m-a-comcast-exclusive/exclusive-comcast-prepares-all-cash-bid-to-gate-crash-disney-fox-deal-sources-idUSKBN1I82I7|work=Reuters|date=May 7, 2018|accessdate=May 7, 2018}}</ref> Shortly afterwards, Bob Iger stated he was willing to drop Sky plc from the deal to ensure the Fox acquisition.<ref>{{cite web|url=https://www.hollywoodreporter.com/news/disney-could-give-up-sky-get-fox-assets-1110153|title=Disney Could Give Up Sky to Get Fox Assets|website=The Hollywood Reporter|last=Bond|first=Paul|date=May 10, 2018|accessdate=May 10, 2018}}</ref>
Several Fox investors said that they would be open to terminate the company's agreement with Disney if Comcast followed through on its plan to launch a rival all-cash bid for $60 billion. Murdoch's family trust controlled 39% of Fox due to shares it held with special voting rights. However, under the company's [[by-law]], those special rights did not apply to a vote on the Disney/Fox deal when the Murdoch trust only controlled 17% of the vote, making it easier for other shareholders to defeat him, which was expected as early as next month.<ref>{{cite news|url=https://www.cnbc.com/2018/05/15/comcasts-all-cash-bid-could-pit-murdoch-against-fox-shareholders.html|title=Comcast's all-cash bid could pit Murdoch against Fox shareholders|work=CNBC|date=May 15, 2018|accessdate=May 15, 2018}}</ref> Days later, it was confirmed that [[Lachlan Murdoch]], rather than [[James Murdoch]], would take charge of the New Fox company.<ref>{{cite web|url=http://money.cnn.com/2018/05/16/media/lachlan-murdoch-new-fox-ceo/index.html|title=Lachlan Murdoch, not James, will lead New Fox company|last=Disis|first=Jill|work=CNN Money|date=May 16, 2018|accessdate=May 17, 2018}}</ref>
The following week, Comcast publicly announced it was looking into making an all-cash counter-offer for the Fox assets that Disney proposed to acquire.<ref>{{cite web|url=http://deadline.com/2018/05/comcast-confirms-plan-to-counter-disney-superior-all-cash-offer-for-fox-assets-1202396406/|title=Comcast Confirms Plan To Counter Disney With Richer, All-Cash Offer For Fox|last=Hayes|first=Dade|work=Deadline Hollywood|date=May 23, 2018|accessdate=May 23, 2018}}</ref> Shortly after, it was reported that Disney was looking into making its own all-cash counter-offer for Fox assets if Comcast went through with their offer.<ref>{{cite web|url=https://www.fiercecable.com/video/disney-rounding-up-cash-to-fight-off-comcast-s-rival-bid-for-fox-report|title=Disney rounding up cash to fight off Comcast's rival bid for Fox|last=Munson|first=Ben|work=Fierce Cable|date=May 29, 2018|accessdate=May 29, 2018}}</ref>
The next day, Disney and Fox announced they had set their shareholder vote meetings for July 10, although both stated that Fox's meeting could be postponed if Comcast came through with their offer.<ref>{{cite web|url=http://deadline.com/2018/05/fox-disney-shareholder-meeting-date-vote-merger-sale-1202399866/|title=Fox And Disney Set Shareholder Meetings For Vote On Merger|last=Tartaglione|first=Nancy|last2=Hayes|first2=Dade|work=Deadline Hollywood|date=May 30, 2018|accessdate=May 30, 2018}}</ref>
===Mid-2018===
On June 12, AT&T was given approval by District Judge [[Richard J. Leon]] to acquire Time Warner, easing concerns Comcast had regarding whether government regulators would block their bid for Fox. Consequently, the next day, Comcast mounted a bid of $65 billion for the 21st Century Fox assets that were set to be acquired by Disney.<ref>{{cite web|url=https://variety.com/2018/biz/news/comcast-att-time-warner-ruling-21st-century-fox-disney-1202843088/|title=Decisive AT&T Victory Sets Stage for Comcast to Challenge Disney for 21st Century Fox Assets|last=Littleton|first=Cynthia|work=Variety|date=June 12, 2018|accessdate=June 12, 2018}}</ref><ref name="LDWA"/>
On June 14, 2018, ''[[Bloomberg News]]'' reported that the [[Yankee Global Enterprises|Yankees]] were seeking to invoke a clause in Fox's purchase of stakes in [[YES Network]], allowing them to buy back Fox's stake in the event of a change in ownership (and thus prevent it from being included in the sale).<ref name=YESNetFoxstake>{{cite web|url=https://www.bloomberg.com/news/articles/2018-06-14/yankees-are-said-to-want-yes-network-back-if-fox-sells-assets|title=Yankees Consider Buying Back YES If Fox Sells Assets|last=Soshnick|first=Scott|work=Bloomberg|date=June 14, 2018|accessdate=June 15, 2018}}</ref>
On June 18, 2018, it was reported that Disney will add to its already existing $52 billion claim to contest Comcast's proposed counter-offer for the Fox assets.<ref>{{cite web|url=https://www.cnbc.com/2018/06/18/disney-is-expected-to-add-cash-to-its-bid-for-twenty-first-century-fox-assets-sources.html|title=Disney is expected to add cash to its bid for Twenty-First Century Fox assets|last=Faber|first=David|last2=Moyer|first2=Liz|work=CNBC|date=June 18, 2018|accessdate=June 18, 2018}}</ref>
On June 19, 2018, it was reported that Disney has agreed to acquire Sky News from Sky itself.<ref name="auto">{{cite web|url=https://variety.com/2018/tv/news/disney-fox-sky-news-15-years-1202850724/|title=Disney Offers to Take on Sky News for 15 Years; Channel to Get $2 Billion Investment|last=Clarke|first=Stewart|work=Variety|date=June 19, 2018|accessdate=June 20, 2018}}</ref>
On June 20, 2018, Disney and Fox announced that they had amended their previous merger agreement, upping Disney’s offer to $71.3 billion (a 10% premium over Comcast's $65 billion offer), while also offering shareholders the option of receiving cash instead of stock.<ref name="Bloomberg"/> On June 21, 2018, Murdoch said in response to Disney's higher offer: "We are extremely proud of the businesses we have built at 21st Century Fox, and firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace at a dynamic time for our industry." That still does not prevent other companies from making a bid, as the deal was needed to be voted on by shareholders.<ref>{{cite web|url=https://www.cnet.com/news/disney-tops-comcast-with-71-3-billion-deal-for-fox/|title=Fox agrees to Disney's new $71.3 billion offer, rejecting Comcast|last=Cheng|first=Roger|work=CNET|date=June 20, 2018|accessdate=June 21, 2018}}</ref>
Iger explained the reasoning behind the bid: "Direct-to-consumer distribution has actually become an even more compelling proposition in the six months since we announced the deal. There has just been not only a tremendous amount of development in that space, but clearly the consumer is voting—loudly."<ref>{{cite web|url=https://deadline.com/2018/06/disney-fox-bob-iger-consumer-voting-loudly-1202414178/|title=Disney's Bob Iger On Need For Fox Deal: "The Consumer Is Voting — Loudly"|last=Hayes|first=Dade|last2=Chmielewski|first2=Dawn|work=[[Deadline Hollywood]]|date=June 20, 2018|accessdate=June 21, 2018}}</ref>
On June 27, 2018, the [[United States Department of Justice]] gave antitrust approval to Disney under the condition of selling Fox's 22 regional sports channels, to which the company has agreed to.<ref name=cnbc>{{cite web|url=https://www.cnbc.com/2018/06/27/us-set-to-give-antitrust-approval-for-disney-fox-deal.html|title=Disney wins US antitrust approval to buy Fox assets|work=CNBC|date=June 27, 2018|accessdate=June 28, 2018}}</ref> The next day, Disney and Fox boards scheduled July 27, 2018 as the day shareholders vote on Fox's properties being sold to Disney.<ref name="Vote-07-27-Variety">{{cite web|url=https://variety.com/2018/biz/news/disney-fox-shareholder-voting-date-1202861184/|title=Disney, Fox Set Shareholder Voting Date for $71 Billion Deal|last=Littleton|first=Cynthia|work=[[Variety (magazine)|Variety]]|date=June 28, 2018|accessdate=June 28, 2018}}</ref><ref name="Vote-07-27-LATimes">{{cite web|url=http://www.latimes.com/business/hollywood/la-fi-ct-disney-fox-shareholders-vote-20180628-story.html|title=Disney and Fox schedule July 27 shareholder votes on merger — upping pressure on Comcast|last=James|first=Meg|work=Los Angeles Times|date=June 28, 2018|accessdate=June 28, 2018}}</ref>
On July 9, 2018, a Fox shareholder filed a lawsuit to stop the acquisition from Disney citing the absence of financial projections for Hulu.<ref>{{cite news|url=https://www.hollywoodreporter.com/thr-esq/fox-shareholder-sues-stop-disney-acquisition-1125698|date=July 9, 2018|title=Fox Shareholder Sues to Stop Disney Acquisition|publisher=Hollywood Reporter|first=Eriq|last=Gardner}}</ref><ref>{{cite news|url=https://deadline.com/2018/07/fox-shareholder-lawsuit-targets-alleged-flaws-in-disney-deal-prospectus-1202423518/|first=Dade|last=Hayes|title=Fox Shareholder Lawsuit Targets Alleged Flaws In Disney Deal Prospectus|date=July 9, 2018|publisher=Deadline}}</ref> On the same day, CNBC reported that Comcast was looking for companies that could take over Fox's Regional Sports Networks. This would make easier Comcast's legislative problems regarding the takeover of Fox assets, preparing to make a new all cash counter-offer before July 27, 2018.<ref>{{cite news|url=https://www.cnbc.com/2018/07/09/comcast-lining-up-buyers-for-fox-sports-assets-sources-say.html|title=Comcast lining up buyers for Fox sports assets, sources say|work=CNBC|date=July 9, 2018|agency=Reuters}}</ref>
On July 11, 2018, 21st Century Fox raised its bid to purchase Sky's assets to $32.5 billion, and $18.57 a share. In response, Comcast increased its bid to $34 billion, and $19.5 a share. At the same time, Fox was given clearance by the British government to purchase Sky. The bidding war for Sky led to some analysts speculating that Comcast could give up bidding for 21st Century Fox in favor of a smaller battle.<ref name="auto1">{{cite web|url=https://www.bbc.com/news/business-44791383|title=Murdoch's Fox increases Sky bid to £24.5bn in takeover battle|work=BBC.com|date=11 July 2018|accessdate=12 July 2018}}</ref><ref name="auto2">{{cite web|url=https://variety.com/2018/biz/news/comcast-sky-21st-century-fox-disney-auction-1202870876/|title=Comcast Raises Bid for Sky as Regulatory Decision Accelerates Sale Process|last=Littleton|first=Cynthia|work=[[Variety (magazine)|Variety]]|date=July 11, 2018|accessdate=July 12, 2018}}</ref><ref>{{cite web|url=https://deadline.com/2018/07/21st-century-fox-handed-clearance-to-buy-sky-by-british-government-1202425169/|title=21st Century Fox Given Clearance To Buy Sky By British Government|last=White|first=Peter|work=Deadline Hollywood|date=July 12, 2018|accessdate=July 12, 2018}}</ref>
On July 12, 2018, the Department of Justice filed a notice of appeal with the D.C. Circuit to reverse the District Court's approval for AT&T acquisition of Time Warner (now [[WarnerMedia]]). Although analysts say that the chances of the DOJ win are small, they say it is the "final nail in the coffin for Comcast's Fox chase. This is a clear gift to Disney."<ref>{{cite web|url=https://www.cnbc.com/2018/07/13/heres-what-the-doj-needs-to-happen-to-win-its-appeal-against-att.html|title=The DOJ has a slim chance of blocking the AT&T-Time Warner deal, but even that may be enough for Comcast to throw in the towel on Fox|last=Sherman|first=Alex|work=CNBC|date=July 13, 2018|accessdate=July 13, 2018}}</ref> On the next day, CEO of AT&T [[Randall Stephenson]] gave an interview with CNBC, about Comcast's bid for Fox: "It probably can't help it. You're in a situation where two entities are bidding for an asset, and this kind of action can obviously influence the outcome of those actions."<ref>{{cite web|url=https://www.cnbc.com/2018/07/13/doj-challenge-to-att-time-warner-deal-could-affect-disney-fox-comcast.html|title=DOJ challenge to AT&T-Time Warner deal could affect Disney and Comcast's bidding war for Fox, says AT&T's Stephenson|last=Shapiro|first=Ariel|work=CNBC|date=July 13, 2018|accessdate=July 13, 2018}}</ref>
On July 13, 2018, Disney received the support of the [[Institutional Shareholder Services]] and [[Glass Lewis]], the two most prominent proxy adviser firms in the world. Fox shareholders were recommended by the advisers as means to provide for Disney's future.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-07-13/disney-s-71-billion-fox-bid-wins-backing-from-glass-lewis|title=Disney's $71 Billion Fox Bid Wins Backing From ISS, Glass Lewis|last=Sakoui|first=Anousha|work=Bloomberg|date=July 13, 2018|accessdate=July 13, 2018}}</ref> Also on that same day, British regulators have decided that if Disney purchases Fox's assets before Sky's purchase from either Fox or Comcast, it will be forced to launch a bid for the full ownership of Sky, at a minimum of $18.6 a share.<ref>{{cite web|url=https://www.reuters.com/article/us-sky-plc-m-a-fox-walt-disney/british-regulator-sets-14-pound-floor-under-sky-shares-idUSKBN1K31AY|title=British regulator sets 14 pound floor under Sky shares|last=Martin|first=Ben|last2=Nair|first2=Arathy|work=Reuters|date=July 13, 2018|accessdate=July 13, 2018}}</ref>
On July 16, 2018, CNBC reported that Comcast was unlikely to continue its bidding war with Disney to acquire Fox. Instead, Comcast is likely to continue pursuing 61% stake of Sky.<ref>{{cite web|url=https://www.cnbc.com/2018/07/16/comcast-unlikely-to-raise-fox-bid-focused-on-sky-sources.html|title=Comcast unlikely to raise Fox bid; focused on Sky: Sources|last=Moyer|first=Liz|work=CNBC|date=July 16, 2018|accessdate=July 16, 2018}}</ref> On July 18, 2018, ''Bloomberg'' reported that the Sky board also scheduled July 27, 2018 as the day shareholders vote on selling Sky properties.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-07-18/key-u-k-sky-hearing-scheduled-for-same-day-as-fox-disney-vote|title=Sky Hearing on Same Day as Fox Vote Complicates Comcast Bid|last=Mayes|first=Joe|work=Bloomberg|date=July 18, 2018|accessdate=July 19, 2018}}</ref> On July 19, 2018, Comcast officially announced that it was dropping its bid on the Fox assets in order to focus on its bid for Sky. The CEO of Comcast, [[Brian L. Roberts]], said "I'd like to congratulate Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company."<ref>{{cite web|url=https://www.theverge.com/2018/7/19/17590058/comcast-21st-century-fox-bid-withdrawn-disney-rights|title=Comcast gives up on buying 21st Century Fox assets and leaves Disney as the winner|last=Gartenberg|first=Chaim|work=The Verge|date=July 19, 2018|accessdate=July 19, 2018}}</ref>
On July 25, 2018, [[The Children's Investment Fund Management|TCI Fund Management]], the second largest shareholder of 21st Century Fox, indicated that they voted to approve the Disney-Fox deal.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-07-25/tci-is-said-to-vote-in-favor-of-disney-s-offer-for-fox-assets|title=TCI Votes in Favor of Disney's Offer for Fox's Assets|last=Ahmed|first=Nabila|work=Bloomberg|date=July 25, 2018|accessdate=July 25, 2018}}</ref> On July 27, 2018, Disney and Fox shareholders approved the merger between the two companies. The merger's completions should be in the first half of 2019.<ref name="Approval"/> On the same day, ''Bloomberg'' reported that out of all 15 nations yet to approve the deal, China could become the biggest threat to the merger since the trade war with [[Donald Trump]] resulted in the merger between [[Qualcomm]] and [[NXP Semiconductors|NXP]] not being realized.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-07-27/disney-investors-worry-beijing-could-be-tricky-fox-deal-hurdle|title=Disney Investors Worry Beijing Could Be Tricky Fox Deal Hurdle|last=Ahmed|first=Nabila|last2=Palmeri|first2=Christopher|work=Bloomberg|date=July 27, 2018|accessdate=July 28, 2018}}</ref>
==Antitrust concerns regarding the deal==
Despite Disney passing antitrust approval from the U.S. Department of Justice and is awaiting approval from foreign regulators, critics of Disney's purchase expressed concern of a significant amount of [[Anti-competitive practices|antitrust]] concerns. The deal is a [[Horizontal integration|horizontal merger]] (i.e., in which a company buys up a corporation that produces the same goods and products) as opposed to a [[Vertical integration|vertical merger]] (i.e., two companies that operate at separate stages of the production process for a specific finished product), much akin to the integrations of AT&T–Time Warner and [[Acquisition of NBC Universal by Comcast|Comcast–NBC Universal]]. As such, horizontal mergers are more scrutinized and investigated than vertical mergers, as they effect a more tangible reduction in competition.<ref>{{cite news|last1=Primack|first1=Dan|last2=Fischer|first2=Sara|title=Trump steps into Disney-Fox fray|url=https://www.axios.com/trump-steps-into-disney-fox-fray-2517490254.html|website=[[Axios (website)|Axios]]|date=December 14, 2017|accessdate=December 14, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215053922/https://www.axios.com/trump-steps-into-disney-fox-fray-2517490254.html|archivedate=December 15, 2017|df=mdy-all}}</ref> The [[Federal Trade Commission]] (FTC) states in its own website that "The greatest antitrust concern arises with proposed mergers between direct competitors (horizontal mergers)."<ref>{{cite web|url=https://www.ftc.gov/tips-advice/competition-guidance/guide-antitrust-laws/mergers|title=Mergers|date=June 11, 2013|publisher=|deadurl=no|archiveurl=https://web.archive.org/web/20171216034511/https://www.ftc.gov/tips-advice/competition-guidance/guide-antitrust-laws/mergers|archivedate=December 16, 2017|df=mdy-all}}</ref>
As both Disney and Fox produce films and television series, the deal would reduce the number of [[major film studio]]s in [[Hollywood]] from six to five. Some argued that the operation would still leave many competitors around since Disney may compete with [[Netflix]] in the [[Disney streaming service|online streaming market]] in equal conditions with its newly acquired properties. However, it was countered that these arguments do not hold much weight due to Disney's powerful box office and stock market shares, its practices, and its purchase of Fox's many assets, leading to widespread criticism among businesses, consumers, and regulators.<ref name="IK">{{cite news|last=Johnson|first=Ted|title=Disney-Fox Deal Lands at Uncertain Time for Antitrust Enforcement|url=https://variety.com/2017/politics/news/disney-fox-deal-antitrust-enforcement-1202637338/|magazine=Variety|publisher=Penske Media Corporation|date=December 14, 2017|accessdate=December 14, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171214143501/http://variety.com/2017/politics/news/disney-fox-deal-antitrust-enforcement-1202637338/|archivedate=December 14, 2017|df=mdy-all}}</ref>
===News media===
Many journalists expressed concerns about Disney's purchase of 21st Century Fox and its effects on the industry in the long run. A film reporter stated that "They’ll have more control over more things, so if they decide they don’t like what you wrote and want to ban you from their screenings, eventually that will mean all of entertainment. For journalists and reporters trying to do their job, it is frightening to see the scope of one company expand in that way and know that your fate is kind of tied up with them." "We’ve seen a pattern in Disney’s behavior. The more power they have, the more they wield it," one entertainment reporter said. A freelance critic and member of the New York Film Critics Circle said that most journalists were troubled by the idea of the Disney–Fox deal:<ref name="LP">{{cite news|last=Yandoli|first=Krystie|title=Journalists Are Nervous About What A Disney And Fox Merger Would Mean For Them|url=https://www.buzzfeed.com/krystieyandoli/journalists-disney-fox-merger|work=[[BuzzFeed]]|date=January 2, 2018|accessdate=January 2, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180102224705/https://www.buzzfeed.com/krystieyandoli/journalists-disney-fox-merger|archivedate=January 2, 2018|df=mdy-all}}</ref>
{{cquote|There are currently six major studios, and then there are all the smaller ones, and the one that I like dealing with the least is Disney. I would compare them to the [[Vatican City|Vatican]] in that way. They have their rules, they do things their way, and if you don't like it then take a hike, because they have the product in which there is the most market interest.}}
As an example, on November 3, 2017, Disney banned the ''[[Los Angeles Times]]'' from attending press screenings of its films in retaliation for the paper's coverage of their political influence in [[Anaheim, California]] in September of that year.<ref name="POL"/> On November 7, however, Disney reversed its decision, after receiving massive protests and condemnation from a number of major publications and writers including ''[[The New York Times]]'', ''[[The Boston Globe]]'' critic [[Ty Burr]], ''[[The Washington Post]]'' blogger Alyssa Rosenberg, ''[[A Wrinkle in Time (2018 film)|A Wrinkle in Time]]'' director [[Ava DuVernay]], the websites ''[[The A.V. Club]]'' and ''[[Flavorwire]]'', and film critic organizations which threatened to disqualify Disney films from their year-end awards in retaliation, specifically, the [[National Society of Film Critics]], [[Los Angeles Film Critics Association]], [[New York Film Critics Circle]], and [[Boston Society of Film Critics]].<ref>{{Cite news|url=https://www.theguardian.com/film/2017/nov/07/disney-los-angeles-times-media-boycott|title=Disney's blackout of LA Times triggers boycott from media outlets|last=Carroll|first=Rory|date=November 7, 2017|work=The Guardian|accessdate=November 7, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171107115057/https://www.theguardian.com/film/2017/nov/07/disney-los-angeles-times-media-boycott|archivedate=November 7, 2017|df=mdy-all}}</ref><ref>{{Cite web|url=https://www.washingtonpost.com/news/act-four/wp/2017/11/06/why-i-wont-be-reviewing-the-last-jedi-or-any-other-disney-movie-in-advance/|title=Why I won't be reviewing 'The Last Jedi', or any other Disney movie, in advance|work=The Washington Post|date=November 6, 2017|accessdate=November 7, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171106231602/https://www.washingtonpost.com/news/act-four/wp/2017/11/06/why-i-wont-be-reviewing-the-last-jedi-or-any-other-disney-movie-in-advance/|archivedate=November 6, 2017|df=mdy-all}}</ref><ref>{{Cite news|url=https://www.theguardian.com/film/2017/nov/07/disney-los-angeles-times-media-boycott|title=Disney ends blackout of LA Times after boycott from media outlets|last=Carroll|first=Rory|date=November 7, 2017|work=The Guardian|accessdate=November 7, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171107115057/https://www.theguardian.com/film/2017/nov/07/disney-los-angeles-times-media-boycott|archivedate=November 7, 2017|df=mdy-all}}</ref> Jason Bailey, the editor of ''Flavorwire'', thought the way Disney treated the ''Los Angeles Times'' was “absolutely chilling”, fearing it would only grow more common after the merger:<ref name="LP"/>
{{cquote|The idea of a major, multinational conglomerate being that petty and vindictive and really engaging in an act of retribution against an outlet, and against reporters who had nothing to do with the thing that they were angry about, gave some insight into the length they were willing to go against anyone who didn’t toe the Disney company line. It’s very worrisome, and is more worrisome if they’re in control of this much more of the entertainment industry.}}
One film writer stated that "I personally worry that a studio this big will need the press less and less. I don't think anything drastic will change immediately, but I think it is more important than ever for entertainment reporters to uphold journalistic values. We are not their PR arms, no matter how much they'd like us to be." Another film reporter said, "As a critic, I’ve had Disney tell me they don’t want to invite me to [its] film because I didn’t like the last one. It really scares me to watch them get even more power."<ref name="LP"/>
===Theaters===
Unlike most studios, Disney has a reputation for lofty terms and strict conditions being imposed upon theater owners on its films, such as ''[[Avengers: Age of Ultron]]'' and ''[[Star Wars: The Last Jedi]]''. For the latter, Disney demanded a 65% cut of domestic ticket sales (rather than the minimum 55% to 60% cut) along with a four-week hold in each venue and face a 5% penalty to any theater owner who breaks any part of the contract, including taking the film offscreen. If the Disney-Fox deal had happened in late 2016, Disney's domestic box office in 2017 would have equaled $4.5 billion or 40% market share, a figure no major studio has ever hit. For many, the deal would give Disney the unprecedented market power to be abusive without end.<ref name="ELF">{{cite news|last=D'Alessandro|first=Anthony|title=How The Overwhelming Disney-Fox Movie Lineup Will Impact Rivals And Exhibitors|url=http://deadline.com/2017/12/disney-fox-merger-exhibitors-movie-theaters-combined-release-schedule-marvel-star-wars-pixar-1202221594/|website=Deadline Hollywood|date=December 14, 2017|accessdate=December 16, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215055424/http://deadline.com/2017/12/disney-fox-merger-exhibitors-movie-theaters-combined-release-schedule-marvel-star-wars-pixar-1202221594/|archivedate=December 15, 2017|df=mdy-all}}</ref><ref name="POL">{{cite news|last=Bailey|first=Jason|title=Disney’s Fox Deal Threatens to Create Superpowered Mouse|url=https://www.villagevoice.com/2017/12/18/disneys-fox-deal-threatens-to-create-superpowered-mouse/|work=The Village Voice|date=December 18, 2017|accessdate=December 20, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171222053254/https://www.villagevoice.com/2017/12/18/disneys-fox-deal-threatens-to-create-superpowered-mouse/|archivedate=December 22, 2017|df=mdy-all}}</ref>
One distribution studio executive denounced the deal, saying that "If I was an independent mom-and-pop theater, I would just close down; there’s no way to survive. With a 40% market share, how do you negotiate against that?"<ref name="ELF"/> John Roper, the general manager of the Phoenix Theatre in [[Fort Nelson, British Columbia]], said that Disney/Fox had him worried about even stricter rules in the future, stating "It's not good for any type of industry when a company grows that large. Disney holds all the cards, and we have to play by their rules. Smaller cinemas are just left in the dust." Roper decided not to screen ''Star Wars: The Last Jedi'' because of Disney's strict conditions of requiring the theater to run the film four weeks straight and play it four times a day (as opposed to other studios, who only require a minimum of two weeks for a film run and play it one time a day). Elkader Cinema in [[Elkader, Iowa]], opted out the movie for the same reason, with owner Lee Akin stating that "I can't get the entire town in my auditorium in one week's time let alone four."<ref>{{cite news|last=Kurjata|first=Andrew|title=Disney's movie dominance has a dark side for small towns, independent theatre warns|url=http://www.cbc.ca/news/canada/british-columbia/disney-the-last-jedi-rules-movies-1.4455305|work=CBC|date=December 19, 2017|accessdate=December 20, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171220000806/http://www.cbc.ca/news/canada/british-columbia/disney-the-last-jedi-rules-movies-1.4455305|archivedate=December 20, 2017|df=mdy-all}}</ref>
In [[Brazil]], Disney demanded a 52% cut of ''[[Coco (2017 film)|Coco]]''{{'}}s domestic ticket sales (rather than the historical 50% cut) and some theaters (with exceptions including foreign chains, such as [[Cinemark Theatres]] and [[Cinépolis]]) boycotted the film.<ref>{{cite web|url=https://omelete.uol.com.br/filmes/noticia/viva-a-vida-e-uma-festa-pode-sofrer-boicote-em-cinemas-brasileiros-entenda/|title=Coco can suffer a boycott in Brazilian cinemas; understand|last=Sabbaga|first=Julia|work=Omelete|date=December 28, 2017|accessdate=December 31, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20180101030628/https://omelete.uol.com.br/filmes/noticia/viva-a-vida-e-uma-festa-pode-sofrer-boicote-em-cinemas-brasileiros-entenda/|archivedate=January 1, 2018|df=mdy-all}}</ref> ''Coco'' was shown in 618 screens, against 919 screens that showed [[Sony Pictures]]' ''[[Jumanji: Welcome to the Jungle]]''.<ref>{{cite web|url=https://cinepop.com.br/viva-a-vida-e-uma-festa-e-lancado-em-poucas-salas-apos-exigencia-da-disney-163219|title='Coco' is released in a few rooms after Disney's demand|last=Gomes|first=Rafaela|work=Cinepop|date=January 4, 2018|accessdate=January 5, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180105180330/https://cinepop.com.br/viva-a-vida-e-uma-festa-e-lancado-em-poucas-salas-apos-exigencia-da-disney-163219|archivedate=January 5, 2018|df=mdy-all}}</ref><ref>{{cite web|url=http://www.boxofficemojo.com/intl/brazil/?yr=2018&wk=1&p=.htm|title=Brazil Box Office, January 5-7, 2018|work=Box Office Mojo|accessdate=January 13, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180114020612/http://www.boxofficemojo.com/intl/brazil/?yr=2018&wk=1&p=.htm|archivedate=January 14, 2018|df=mdy-all}}</ref>
Other commentators have noted that Disney is a big proponent of longer theatrical windows and could provide a bulwark for traditional theaters against the streaming services. One local theater owner stated that "I would welcome some larger players to compete against the streaming services which I think are the real companies to watch out for in the future".<ref name="CNN"/>
===Cable and satellite industry===
American Cable Association President and CEO Matthew M. Polka lambasted the deal and called on federal regulators to "fully investigate" the merger. He was concerned about his smaller cable constituents having to negotiate multichannel deals with a behemoth that combines Fox's regional sports networks with [[ESPN]] and its cadre of collegiate-conference-focused RSNs, as well as the majority stake in Hulu:<ref>{{cite web|url=http://www.americancable.org/aca-urges-full-federal-investigation-of-disney-fox-transaction/|title=ACA Urges Full Federal Investigation Of Disney-Fox Transaction|work=American Cable|date=December 14, 2017|accessdate=January 5, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20171222060141/http://www.americancable.org/aca-urges-full-federal-investigation-of-disney-fox-transaction/|archivedate=December 22, 2017|df=mdy-all}}</ref><ref>{{cite web|last=Frankel|first=Daniel|title=Disney-Fox video market power must be 'fully investigated', ACA says|url=https://www.fiercecable.com/cable/disney-fox-video-market-power-must-be-fully-investigated-aca-says|work=Variety|date=December 14, 2017|accessdate=December 18, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171222051812/https://www.fiercecable.com/cable/disney-fox-video-market-power-must-be-fully-investigated-aca-says|archivedate=December 22, 2017|df=mdy-all}}</ref>
{{cquote|The Disney-Fox marriage not only will create one of the world’s largest entertainment conglomerates but will give the combined company control of critical video programming that can be bundled together to harm consumers in local and national markets. In particular, Disney-Fox will become the largest holder of key local and national sports programming rights. It also will gain control of more national cable programming networks, and a significant stake in Hulu — an increasingly popular online distribution service. These assets will be in addition to Disney’s national broadcast network (ABC) and multiple owned and operated ABC television stations. Because the combined company post-transaction could leverage these programming assets to undermine competition to the detriment of consumers, federal agencies must fully investigate the proposed combination to ensure that it neither violates antitrust laws nor is inconsistent with the public interest.}}
Many European telecommunication companies also expressed concerns about the Disney-Fox deal, considering that [[Sky plc]] and [[Sky UK]] were included in the package, as it serves almost 23 million households across Britain, Ireland, Germany, Austria, and Italy. Disney’s takeover of Sky would be greater than [[RTL Television]], [[Mediaset]], [[ITV (TV network)|ITV]], [[ProSiebenSat.1 Media]], and [[Vivendi]] combined, according to [[Eikon]] estimates, and could allow Sky to expand into new markets and bid more for sports rights and other content. Some felt that Disney-owned Sky UK would be most damaging to its pay-TV competitors since they have invested in content to cross-sell television with mobile services, in a bid to squeeze more out of customers.<ref>{{cite web|last=Proud|first=Liam|title=Disney's Fox Deal May Force European Telecoms to Retreat|url=https://www.nytimes.com/2017/12/14/business/dealbook/disney-fox-europe-telecoms.html|work=New York Times|date=December 14, 2017|accessdate=December 27, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171228000054/https://www.nytimes.com/2017/12/14/business/dealbook/disney-fox-europe-telecoms.html|archivedate=December 28, 2017|df=mdy-all}}</ref> A hedge fund with a small stake in Sky has complained that the Disney-Fox deal could cost minority shareholders in the UK satellite broadcaster a hefty premium unless UK regulators intervene.<ref>{{cite web|last=Fildes|first=Nic|last2=Garrahan|first2=Matthew|title=Fund claims Sky investors could lose out in Disney-Fox deal|url=https://www.ft.com/content/3b4b485c-e1b9-11e7-a8a4-0a1e63a52f9c|work=Financial Times|date=December 17, 2017|accessdate=December 27, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171228054024/https://www.ft.com/content/3b4b485c-e1b9-11e7-a8a4-0a1e63a52f9c|archivedate=December 28, 2017|df=mdy-all}}</ref>
[[Dish Network]] CEO Erik Carlson said blockbuster mergers like the Disney-Fox deal could severely limit the number of content companies providing to their customers. Carlson said on [[CNBC]]'s ''[[Squawk on the Street]]'' that "We really take the position that we think about the customer and the customer first."<ref>{{cite news|last=Castillo|first=Michelle|title=Dish CEO Erik Carlson: 'We have concerns with AT&T and Time Warner' deal|url=https://www.cnbc.com/2018/01/10/dish-ceo-erik-carlson-we-have-concerns-with-att-and-time-warner.html|work=[[CNBC]]|date=January 10, 2018|accessdate=January 10, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180110185954/https://www.cnbc.com/2018/01/10/dish-ceo-erik-carlson-we-have-concerns-with-att-and-time-warner.html|archivedate=January 10, 2018|df=mdy-all}}</ref>
===Entertainment industry===
The [[Writers Guild of America West]], the union that represents writers of films, television, and other media, wrote that:<ref name="KI"/><ref>{{cite web|title=WGAW Opposes Disney-Fox Deal|url=http://www.wga.org/news-events/news/press/2017/wgaw-opposes-disney-fox-deal|work=Writers Guild of America West|date=December 14, 2017|accessdate=January 7, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180108120430/http://www.wga.org/news-events/news/press/2017/wgaw-opposes-disney-fox-deal|archivedate=January 8, 2018|df=mdy-all}}</ref>
{{cquote|In the relentless drive to eliminate competition, big business has an insatiable appetite for consolidation. Disney and Fox have spent decades profiting from the oligopolistic control that the six major media conglomerates have exercised over the entertainment industry, often at the expense of the creators who power their television and film operations. Now, this proposed merger of direct competitors will make matters even worse by substantially increasing the market power of a combined Disney-Fox corporation. The antitrust concerns raised by this deal are obvious and significant. The Writers Guild of America West strongly opposes this merger and will work to ensure our nation’s antitrust laws are enforced.}}
[[Thomas Rothman]], chairman of the [[Sony Pictures Motion Picture Group]], said the Disney-Fox deal was a dangerous proposition: "Consolidation under giant corporate mandates rarely promotes creative risk-taking. And in the long run, it is always a challenge to compete against horizontal monopolistic power."<ref>{{cite news|last=McClintock|first=Pamela|title=Box Office: Get Ready for Hollywood's Shrinking Studio System|url=https://www.hollywoodreporter.com/news/box-office-get-ready-hollywoods-shrinking-studio-system-1071457|work=The Hollywood Reporter|date=January 4, 2018|accessdate=January 4, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20180104172217/https://www.hollywoodreporter.com/news/box-office-get-ready-hollywoods-shrinking-studio-system-1071457|archivedate=January 4, 2018|df=mdy-all}}</ref>
[[James Mangold]], director of Fox's Marvel adaptations ''[[The Wolverine (film)|The Wolverine]]'' and its R-rated sequel ''[[Logan (2017 film)|Logan]]'', expressed concerns that the deal would lead to the extinction of certain films not suitable for the Disney brand or be reshuffled in order to accommodate more Disney blockbusters, thereby limiting the opportunities for certain filmmakers as well as the consumers. Mangold said that “If they’re actually changing their mandate, if what they’re supposed to do alters, that would be sad to me because it just means less movies.”<ref name="HY">{{cite news|last=McClintock|first=Pamela|title='The Shape of Water' Producer Calls Out Disney/Fox Deal in Critics' Choice Awards Speech|url=http://comicbook.com/movies/2018/01/12/the-shape-of-water-critics-choice-awards-disney-fox-deal/|work=ComicBook.com|date=January 11, 2018|accessdate=January 12, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180114020159/http://comicbook.com/movies/2018/01/12/the-shape-of-water-critics-choice-awards-disney-fox-deal/|archivedate=January 14, 2018|df=mdy-all}}</ref>
At the [[Critics' Choice Movie Awards]] on January 11, 2018, producer J. Miles Dale, who accepted the [[Critics' Choice Movie Award for Best Picture]] for ''[[The Shape of Water (film)|The Shape of Water]]'', urged Disney "not to mess" with 20th Century Fox's indie studio [[Fox Searchlight Pictures]], saying, "they're making the kind of movies that we need to make, we want to make, and people need to see."<ref name="HY"/>
Writer [[Marc Guggenheim]], known for his work for the [[Arrowverse]] for [[The CW]], said that "As a writer, I'm not a big fan of these big corporate consolidations. I don't think they're necessarily good for writers, directors, producers, and actors. I also, as an American, don't love these big corporate mergers. I don't think they're necessarily good for the country."<ref>{{cite news|last=Schmidt|first=Joseph|title='X-Men Gold' Writer Reveals His Opinions About Disney/Fox Purchase|url=http://comicbook.com/marvel/2018/01/15/x-men-gold-writer-marc-guggenheim-disney-fox-deal/|work=ComicBook.com|date=January 15, 2018|accessdate=January 15, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180116013157/http://comicbook.com/marvel/2018/01/15/x-men-gold-writer-marc-guggenheim-disney-fox-deal/|archivedate=January 16, 2018|df=mdy-all}}</ref>
The potential acquisition of Fox by Disney caused concern within the entertainment industry that smaller media companies, including [[Viacom]], [[CBS Corporation]], [[Lionsgate]], and [[Metro-Goldwyn-Mayer]], would need to consolidate or be sold in order to remain competitive.<ref>{{cite news|last1=James|first1=Meg|last2=Faughnder|first2=Ryan|title=After the Disney-Fox deal, smaller players like Paramount and MGM face pressure to bulk up|url=http://www.latimes.com/business/hollywood/la-fi-ct-media-consolidation-after-disney-fox-20171220-story.html%3foutputType=amp|accessdate=March 5, 2018|work=Los Angeles Times|date=December 20, 2017}}</ref>
On February 13, 2018, television producer [[Ryan Murphy (writer)|Ryan Murphy]], a long-time collaborator of [[20th Century Fox Television]], signed a five-year $300 million agreement with [[Netflix]], a move considered to be a big blow to Fox and Disney. Murphy cited the Disney-Fox deal as the main reason for departure, arguing that his freedom under Disney might be severely limited in creating new, risk-taking content.<ref>{{cite news|last=Goldberg|first=Lesley|title=Ryan Murphy Leaves 20th TV for Netflix Mega-Deal|url=https://www.hollywoodreporter.com/live-feed/ryan-murphy-leaves-20th-tv-netflix-mega-deal-1084640|work=The Hollywood Reporter|date=February 13, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180214212806/https://www.hollywoodreporter.com/live-feed/ryan-murphy-leaves-20th-tv-netflix-mega-deal-1084640|archivedate=February 14, 2018|df=mdy-all}}</ref>
Jeff Bock of Exhibitor Relations expressed hope that the merger would force creativity in other studios like Paramount, which might focus on smaller budget films knowing that it could not compete with Disney/Fox in making big budget blockbusters.<ref name="CNN">{{cite web|author=Disis, Jill|date=July 17, 2018|title=Disney would dominate the US box office if it buys Fox|work=CNN|accessdate=July 30, 2018|url=https://money.cnn.com/2018/07/11/media/disney-fox-box-office-market-share/index.html}}</ref>
===Politics===
President [[Donald Trump]] praised both companies for the merger, believing it is best for American jobs.<ref>{{cite web|url=https://www.hollywoodreporter.com/news/white-house-trump-congratulated-rupert-murdoch-fox-disney-deal-1067769|title=White House: Trump Congratulated Rupert Murdoch on Fox-Disney Deal|publisher=Hollywood Reporter|first=Patrick|last=Shanley|date=December 14, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215193703/https://www.hollywoodreporter.com/news/white-house-trump-congratulated-rupert-murdoch-fox-disney-deal-1067769|archivedate=December 15, 2017|df=mdy-all}}</ref> However, not all politicians are pleased with the decision. U.S. Rep. [[David Cicilline]] from Rhode Island's first district, the ranking Democrat on the [[United States House Judiciary Subcommittee on Regulatory Reform, Commercial and Antitrust Law|House Antitrust Subcommittee]], expressed concerns over the transaction. He said in a statement that "Disney's proposed purchase of 21st Century Fox threatens to put control of TV, movie, and news content into the hands of a single media giant. If it's approved, this merger could allow Disney to limit what consumers can watch and increase their cable bills," he said. "Disney will gain more than 300 channels, 22 regional sports networks, control over Hulu, and a significant portion of Roku."<ref name="IK"/><ref>{{cite news|url=https://variety.com/2017/biz/news/att-time-warner-richard-leon-1202647584/|title=Judge Urges Parties in AT&T-Time Warner Case to Limit 'Chatter in the Press'|last=Johnson|first=Ted|work=Variety|date=December 21, 2017|accessdate=December 24, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171224102007/http://variety.com/2017/biz/news/att-time-warner-richard-leon-1202647584/|archivedate=December 24, 2017|df=mdy-all}}</ref>
===Other comments===
Richard Greenfield, the BTIG Research analyst, wrote that the combined Disney and Fox assets would have a 39% theatrical market share:<ref name="IK"/>
{{cquote|Disney is already using its box office muscle to bully movie domestic exhibitors, extracting financial terms far beyond their studio peers... Adding Fox, which controls portions of the [[Marvel Comics|Marvel]] universe (''[[X-Men (film series)|X-Men]]'', ''[[Deadpool (film)|Deadpool]]'') and the ''[[Avatar (2009 film)|Avatar]]'' franchise, would enable Disney to gain unprecedented market power.}}
In response to the Disney-Fox deal, Analyst Andy Hargreaves of KeyBanc Capital Markets Inc. downgraded Fox's stock from [[Overweight (stock market)|overweight]] to Sector Weight with no assigned price target. Hargreaves said that although the merger is positive for both companies, it comes with a high antitrust risk due to Disney's potential share of theatrical revenue, its share of domestic cable assets, its strong position in sports, and its power to already force preferential deals with cable, satellite, and theater owners.<ref>{{cite news|last=Aycock|first=Jason|title=KeyBanc downgrades Fox amid high regulatory risk around Disney deal|url=https://seekingalpha.com/news/3318649-keybanc-downgrades-fox-amid-high-regulatory-risk-around-disney-deal|publisher=Seeking Alpha|date=December 15, 2017|accessdate=December 16, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20180201165220/https://seekingalpha.com/news/3318649-keybanc-downgrades-fox-amid-high-regulatory-risk-around-disney-deal|archivedate=February 1, 2018|df=mdy-all}}</ref><ref>{{cite news|last=VanDerWerff|first=Todd|title=Disney acquiring Fox means big, scary things for film and TV|url=https://www.vox.com/culture/2017/12/14/16764472/disney-fox-deal-merger|publisher=Vox|date=December 14, 2017|accessdate=December 16, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171216115829/https://www.vox.com/culture/2017/12/14/16764472/disney-fox-deal-merger|archivedate=December 16, 2017|df=mdy-all}}</ref><ref>{{cite news|last=Derrick|first=Jayson|title=The Disney-Fox Deal: With Great Power Comes Great Regulatory Risk|url=https://www.benzinga.com/analyst-ratings/analyst-color/17/12/10920473/the-disney-fox-deal-with-great-power-comes-great-regula|publisher=Benzinga|date=December 15, 2017|accessdate=December 16, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215213951/https://www.benzinga.com/analyst-ratings/analyst-color/17/12/10920473/the-disney-fox-deal-with-great-power-comes-great-regula|archivedate=December 15, 2017|df=mdy-all}}</ref>
David Balto, an antitrust lawyer and former policy director at the FTC, said that the inclusion of regional sports networks would give Disney greater leverage with cable and satellite distributors: "Any increase in Disney sports programming will be extremely problematic and will get intense scrutiny".<ref name="KI">{{cite news|last1=James|first1=Meg|last2=Peltz|first2=James F.|title=Massive Disney-Fox deal expected to get close antitrust scrutiny|url=http://beta.latimes.com/business/hollywood/la-fi-ct-disney-fox-regulatory-concerns-20171214-story.html|work=Los Angeles Times|date=December 14, 2017|accessdate=December 15, 2017}}</ref>
John Simpson of the activist group [[Consumer Watchdog]] said that the deal "would give far too much monopolistic power to Disney, which is known for [[Cut throat competition|cutthroat, hardball tactics]]", and "can only mean higher prices and less choice for consumers."<ref>{{cite web|url=https://www.channelstv.com/2017/12/17/disney-fox-deal-puts-antitrust-enforcers-in-bind-over-trump-ally/|title=Disney-Fox Deal Puts Antitrust Enforcers In Bind Over Trump Ally|work=ChannelsTV|date=December 17, 2017|accessdate=December 23, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171222052924/https://www.channelstv.com/2017/12/17/disney-fox-deal-puts-antitrust-enforcers-in-bind-over-trump-ally/|archivedate=December 22, 2017|df=mdy-all}}</ref>
Barton Crockett, a media analyst at B. Riley FBR, said that “Disney is becoming the [[Walmart|Wal-Mart]] of Hollywood: huge and dominant. That’s going to have a big influence up and down the supply chain.”<ref>{{cite news|url=https://www.bloomberg.com/news/articles/2017-12-21/movie-theaters-were-already-in-trouble-with-disney-s-fox-deal-it-s-double|title=Movie Theaters Were Already in Trouble. With Disney's Fox Deal, It's Double|last=Smith|first=Gerry|work=Bloomberg|date=December 21, 2017|accessdate=December 23, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171223191140/https://www.bloomberg.com/news/articles/2017-12-21/movie-theaters-were-already-in-trouble-with-disney-s-fox-deal-it-s-double|archivedate=December 23, 2017|df=mdy-all}}</ref>
Ian Bezek, contributor to ''InvestorPlace'', questioned the underlying rationale for the merger, asking why Disney needed to acquire Fox's film production and cable sports business for such a "high price", given Disney's already healthy positions in both businesses:
{{cquote|Put another way, Disney is paying $66 billion, including the assumption of $13 billion in debt, to add more sports channels and film production to its already powerful place in both areas.
Given the problems at ESPN, some would say this is doubling down on a struggling division. In any case, this deal significantly weakens the argument that Disney is a diversified powerhouse, as it will rely much more on just a couple revenue streams for the majority of its profits post-deal.<ref>{{cite news|url=https://investorplace.com/2018/02/dis-stock-pros-merger/|title=3 Pros, 3 Cons on Walt Disney Co Stock as the Fox Merger Looms|last=Bezek|first=Ian|work=InvestorPlace|date=February 22, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180223075253/https://investorplace.com/2018/02/dis-stock-pros-merger/|archivedate=February 23, 2018|df=mdy-all}}</ref>}}
Jonathan Barnett, law professor at the University of Southern California [[Gould School of Law]] states that when considering streaming services under the same markets as theaters, worries about Disney's control "would be substantially diminished".<ref name="CNN"/>
==Assets==
===Assets to be acquired by Disney===
Included in the deal are the majority of [[21st Century Fox]]'s entertainment and international assets.<ref name="Disney-Fox">{{cite press release|title=The Walt Disney Company To Acquire Twenty-First Century Fox, Inc., After Spinoff Of Certain Businesses, For $52.4 Billion In Stock|url=https://thewaltdisneycompany.com/walt-disney-company-acquire-twenty-first-century-fox-inc-spinoff-certain-businesses-52-4-billion-stock-2/|work=[[The Walt Disney Company]]|date=December 14, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171214141817/https://thewaltdisneycompany.com/walt-disney-company-acquire-twenty-first-century-fox-inc-spinoff-certain-businesses-52-4-billion-stock-2/|archivedate=December 14, 2017|df=mdy-all}}</ref> These include:
<!-- DO NOT ADD ANY MORE INTO THE LIST WITHOUT A RELIABLE SOURCE -->
* [[Fox Entertainment Group]]
**[[20th Century Fox]]<ref name=":2" />
*** [[Fox Searchlight Pictures]]<ref name="Marotta">{{Cite news|url=http://www.indiewire.com/2017/12/disney-buys-fox-what-happens-to-21st-century-fox-stacey-snider-fox-searchlight-x-men-1201907449/|title=Disney's Buy: What Happens to 21st Century Fox's Leadership, Fox Searchlight, and 'X-Men'?|last=Marotta|first=Jenna|last2=Thompson|first2=Anne|work=IndieWire|date=December 14, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215001321/http://www.indiewire.com/2017/12/disney-buys-fox-what-happens-to-21st-century-fox-stacey-snider-fox-searchlight-x-men-1201907449/|archivedate=December 15, 2017|df=mdy-all}}</ref>
*** [[20th Century Fox Television]]<ref name=":1" /><ref name=":3">{{Cite news|url=https://www.nytimes.com/2017/12/14/business/media/disney-fox-espn-tv.html|title=What Disney Is Getting From Fox|last=Barnes|first=Brooke|last2=Hsu|first2=Tiffany|work=The New York Times|publisher=The New York Times Company|date=December 14, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215012047/https://www.nytimes.com/2017/12/14/business/media/disney-fox-espn-tv.html|archivedate=December 15, 2017|df=mdy-all}}</ref>
*** [[Blue Sky Studios]]<ref name="Marotta"/><ref>{{cite web|last=Giardina|first=Carolyn|title=Disney Deal Could Redraw Fox's Animation Business|url=https://www.hollywoodreporter.com/news/disney-deal-could-redraw-foxs-animation-business-1068040|work=The Hollywood Reporter|accessdate=December 15, 2017|date=December 14, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215024247/https://www.hollywoodreporter.com/news/disney-deal-could-redraw-foxs-animation-business-1068040|archivedate=December 15, 2017|df=mdy-all}}</ref>
** [[Fox Networks Group|Fox Networks Group International]]<ref>{{Cite news|url=https://www.thewaltdisneycompany.com/the-walt-disney-company-signs-amended-acquisition-agreement-to-acquire-twenty-first-century-fox-inc-for-71-3-billion-in-cash-and-stock/|title=The Walt Disney Company Signs Amended Acquisition Agreement To Acquire Twenty-First Century Fox, Inc., For $71.3 Billion In Cash And Stock - The Walt Disney Company|date=2018-06-20|work=The Walt Disney Company|access-date=2018-08-01|language=en-US}}</ref>
** [[FX (TV channel)|FX Networks]]<ref name=":2" />
* [[National Geographic Society#National Geographic Partners Joint Venture|National Geographic Partners]] (73%)<ref name=":3" />
* [[Star TV (Asian TV networks)|Star TV]]<ref name=":3" />
* [[Sky plc]] (39.14%)<ref>{{Cite news|url=https://www.bbc.co.uk/news/business-42353545|title=Walt Disney buys Murdoch's Fox for $52bn|date=December 14, 2017|work=BBC News|accessdate=February 14, 2018|language=en-GB|deadurl=no|archiveurl=https://web.archive.org/web/20180201114948/http://www.bbc.co.uk/news/business-42353545|archivedate=February 1, 2018|df=mdy-all}}</ref><ref name="Disney-Fox" />
* [[Hulu]] (United States) (30% -- Disney currently owns 30%; after the merger, Disney will own 60%)<ref name=":2" />
===Assets to be spun off to "New Fox"===
Fox's broadcast, news and sports businesses will not be included in the deal and will be spun off into a new independent company to be owned by current 21st Century Fox shareholders (tentatively known as "New Fox").<ref name=":1">{{cite web|last=Nolter|first=Chris|title=Disney Acquires Most of Fox's Assets in Blockbuster $52.4 Billion Stock Deal|url=https://www.thestreet.com/story/14420470/1/disney-acquires-fox-assets-blockbuster-deal.html|work=[[TheStreet.com]]|date=December 14, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215000518/https://www.thestreet.com/story/14420470/1/disney-acquires-fox-assets-blockbuster-deal.html|archivedate=December 15, 2017|df=mdy-all}}</ref><ref>{{cite web|url=http://www.indiewire.com/2018/05/new-fox-fall-2018-last-man-standing-mainstream-1201963679/|title='New Fox' Takes Shape as Football, Mainstream Comedy, and Procedural Dramas Take Over|last=Schneider|first=Michael|work=IndieWire|date=May 12, 2018|accessdate=May 12, 2018}}</ref> They include:
<!-- DO NOT ADD ANY MORE INTO THE LIST WITHOUT A RELIABLE SOURCE -->
* [[Fox Broadcasting Company]]<ref name=":1" />
* [[MyNetworkTV]]<ref name=":1" />
* [[Movies!]] (50%)<ref name=":1" />
* [[Fox Television Stations]] Group<ref name=":1" />
* Fox News Group
** [[Fox News|Fox News Channel]]<ref name=":1" />
** [[Fox Business Network]]<ref name=":1" />
* [[Fox Sports (United States)|Fox Sports]]:
** [[Big Ten Network]] (51% owned in joint venture with [[Big Ten Conference]])<ref name=":4">{{Cite news|url=https://deadspin.com/what-disneys-acquisition-of-21st-century-fox-means-for-1821311525|title=What Disney's Acquisition Of 21st Century Fox Means For Sports Fans|last=Burke|first=Timothy|work=Deadspin|publisher=Univision Communications|date=December 14, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215045758/https://deadspin.com/what-disneys-acquisition-of-21st-century-fox-means-for-1821311525|archivedate=December 15, 2017|df=mdy-all}}</ref>
** [[Fox Deportes]]<ref name=":4" />
** [[Fox Sports 1|FS1]]<ref name=":4" />
** [[Fox Sports 2|FS2]]<ref name=":4" />
** [[Fox Soccer Plus]]<ref name=":4" />
** [[Fox College Sports]]<ref name=":4" />
** [[Fox Sports International]]<ref name=":4" />
* The [[20th Century Fox]] studio lot (although it will be leased by Disney)<ref>{{cite web|url=https://www.yahoo.com/entertainment/fox-studio-lot-staying-murdoch-223945770.html|title=Fox Studio Lot Likely Staying in The Murdoch Fold Post-Disney Deal|last=Hayes|first=Dade|last2=Busch|first2=Anita|last3=Robb|first3=David|work=Yahoo!|publisher=Oath Inc.|date=December 13, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171214160410/https://www.yahoo.com/entertainment/fox-studio-lot-staying-murdoch-223945770.html|archivedate=December 14, 2017|df=mdy-all}}</ref>
===Assets to be sold to third party===
Assets that would be acquired by Disney, but under agreement with the Justice Department are to be sold to third parties:
* [[Fox Sports Networks]], regional sports networks<ref name=cnbc/>
===Other assets===
Assets that are not directly part of the contract, but are related to it:
* Rest of [[Sky plc]] (60.86%) - pending acquisition by 21st Century Fox or Comcast<ref name="auto1"/><ref name="auto2"/>
* [[Endemol Shine Group]] (50%)<ref name=":2" /> - Fox and [[Apollo Global Management]] have considered divesting Endemol Shine to a third party for nearly $4 billion.<ref>{{cite web|url=https://www.cnbc.com/2018/06/19/endemol-shine-part-owned-by-fox-has-hired-banks-to-seek-a-sale.html|title=The TV company behind 'Black Mirror,' part-owned by Fox, has hired banks for a sale|last=Sherman|first=Alex|work=CNBC|date=June 19, 2018|accessdate=July 31, 2018}}</ref> Several suitors have expressed interest in acquiring Endemol Shine, including [[Sony Pictures Entertainment]], [[Lionsgate]],<ref>{{cite web|url=https://variety.com/2018/tv/news/endemol-shine-sale-fox-apollo-sony-pictures-lionsgate-1202867070|title=Endemol Shine Sale Process Heats Up With Sony Pictures Entertainment, Lionsgate Among Early Suitors|last=Littleton|first=Cynthia|work=[[Variety (magazine)|Variety]]|date=July 6, 2018|accessdate=July 31, 2018}}</ref> [[ITV plc]],<ref>{{cite web|url=https://deadline.com/2018/04/itv-endemol-shine-group-acquisition-merger-speculation-miptv-1202361506/|title=ITV Eyes Acquisition Of Endemol Shine Group As Suitors Begin To Line Up For ‘Big Brother’ Superindie – MipTV|last=White|first=Peter|work=Deadline Hollywood|date=April 10, 2018|accessdate=July 31, 2018}}</ref> [[FremantleMedia]], [[Banijay Group]] and [[All3Media]].<ref>{{cite web|url=https://www.hollywoodreporter.com/news/indie-giants-circle-endemol-shine-as-bidding-heats-up-1125407|title=Indie Giants Circle Endemol Shine as Bidding Heats Up|last=Szalai|first=Georg|last2=Roxborough|first2=Scott|work=The Hollywood Reporter|date=July 7, 2018|accessdate=July 31, 2018}}</ref>
* [[YES Network]] (80%) - Fox has invoked a clause to give the [[Yankee Global Enterprises]] the rights to buy their stake back following the acquisition from Disney.<ref name=YESNetFoxstake/>
==References==
{{Reflist}}
{{21st Century Fox}}
{{Disney}}
[[Category:The Walt Disney Company]]
[[Category:21st Century Fox]]' |
New page wikitext, after the edit (new_wikitext) | '<noinclude>{{User:RMCD bot/subject notice|1=Pending acquisition of 21st Century Fox by Disney|2=Talk:Proposed acquisition of 21st Century Fox by Disney#Moving article after results of shareholder vote #2 }}
</noinclude>{{overly detailed|date=July 2018}}
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On December 14, 2017, [[The Walt Disney Company]] announced a bid to merge with [[21st Century Fox]] for $52.4 billion in stock.<ref>{{Cite news|url=https://www.thewaltdisneycompany.com/the-walt-disney-company-signs-amended-acquisition-agreement-to-acquire-twenty-first-century-fox-inc-for-71-3-billion-in-cash-and-stock/|title=The Walt Disney Company Signs Amended Acquisition Agreement To Acquire Twenty-First Century Fox, Inc., For $71.3 Billion In Cash And Stock - The Walt Disney Company|date=2018-06-20|work=The Walt Disney Company|access-date=2018-08-01|language=en-US}}</ref> Assets being assumed by the merger include the [[20th Century Fox|Twentieth Century Fox film and TV studios]], [[Fox Networks Group]] (along with cable networks such as [[FX (TV channel)|FX Networks]]), stakes in [[National Geographic Society#National Geographic Partners Joint Venture|National Geographic Partners]], Indian satellite TV group [[Star India]], [[Hulu]], UK-based satellite TV group [[Sky plc]], and other key assets. 21st Century Fox will [[Corporate spin-off|spin-off]] [[Fox News]], the [[Fox Business Network]], [[Fox Sports 1|FS1]], [[Fox Sports 2|FS2]], [[Fox Deportes]], the [[Big Ten Network]], the [[Fox Broadcasting Company]], [[Fox Television Stations]], and [[MyNetworkTV]] into the "New Fox" company.<ref name="st">{{cite news|last=Nolter|first=Chris|title=Disney Acquires Most of Fox's Assets in Blockbuster $52.4 Billion Stock Deal|url=https://www.thestreet.com/story/14420470/1/disney-acquires-fox-assets-blockbuster-deal.html|work=[[TheStreet.com]]|date=December 14, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215000518/https://www.thestreet.com/story/14420470/1/disney-acquires-fox-assets-blockbuster-deal.html|archivedate=December 15, 2017|df=mdy-all}}</ref>
[[Comcast]] (whose division [[NBCUniversal]] includes [[Universal Pictures]], [[DreamWorks Animation]], [[Illumination (animation company)|Illumination Entertainment]] and [[Universal Parks & Resorts]]) counter-offered on June 13, 2018, with a $65 billion all cash proposal to acquire the Fox assets that Disney was set to purchase, touching off a major bidding war between the two companies.<ref name="LDWA">{{cite web|url=https://www.theverge.com/2018/6/13/17457244/comcast-21st-century-fox-film-tv-studios-acquisition-deal-announced|title=Comcast makes $65 billion offer to steal 21st Century Fox away from Disney|last=Welch|first=Chris|work=The Verge|date=June 13, 2018|accessdate=June 13, 2018}}</ref> A week later, Disney counterbid with a $71.3 billion offer.<ref name="Bloomberg">{{cite web|url=https://www.bloomberg.com/news/articles/2018-06-20/fox-agrees-to-sweetened-bid-from-disney-dealing-blow-to-comcast|title=Disney Sweetens Offer for Fox to $71 Billion, Outbidding Comcast|website=Bloomberg|last=Turner|first=Nick|date=June 20, 2018|accessdate=June 20, 2018}}</ref> Comcast officially ended its bidding war with Disney to acquire Fox on July 19, in order to focus on acquiring a controlling stake in Sky plc.<ref>{{cite web|url=https://www.washingtonpost.com/business/2018/07/19/comcast-drops-bid-st-century-fox-leaving-entertainment-powerhouse-hands-disney/|title=Comcast drops bid for 21st Century Fox, clearing way for Disney|last=Zeitchik|first=Steven|last2=Romm|first2=Tony|work=The Washington Post|date=July 19, 2018|accessdate=July 22, 2018}}</ref> Disney and Fox shareholders approved the merger between both companies on July 27. If approved by all international regulators, the merger is estimated to be completed in the first half of 2019.<ref name="Approval">{{cite web|url=https://www.thewrap.com/fox-disney-shareholders-vote-approve-merger/|title=Fox and Disney Shareholders Vote to Approve $71.3 Billion Merger|last=Williams|first=Trey|work=The Wrap|date=July 27, 2018|accessdate=July 27, 2018}}</ref>
==History==
===2017===
On November 6, 2017, [[CNBC]] reported that [[The Walt Disney Company]] was negotiating a deal with [[Rupert Murdoch]] to acquire [[21st Century Fox]]'s filmed entertainment, cable entertainment, and direct broadcast satellite divisions, including [[20th Century Fox]], [[FX (TV channel)|FX Networks]], and [[National Geographic Society#National Geographic Partners Joint Venture|National Geographic Partners]]. The deal would reportedly exclude the [[Fox Broadcasting Company]], 20th Century Fox's studio lot, [[Fox Television Stations]], [[Fox News]], the [[Fox Business Network]], and [[Fox Sports (United States)|Fox Sports]], which would be spun off into a new independent company run by the [[Murdoch family]].<ref>{{cite news |last1=Faber |first1=David |title=21st Century Fox has been holding talks to sell most of the company to Disney: Sources |url=https://www.cnbc.com/2017/11/06/21st-century-fox-has-been-holding-talks-to-sell-most-of-company-to-disney-sources.html |accessdate=July 5, 2018 |work=CNBC |date=November 6, 2017}}</ref>
It would also include film rights to certain franchises, including [[X-Men]] and [[Fantastic Four]], and the distribution rights to ''[[Star Wars (film)|Star Wars: Episode IV – A New Hope]]'', which are not owned by Disney. Talks had stalled for the day without a deal being finalized,<ref>{{cite news|last=Shaw|first=Lucas|last2=Sakoui|first2=Anousha|title=Disney Explored Buying Fox Assets; Talks Now Dead|url=https://www.bloomberg.com/news/articles/2017-11-06/disney-looked-at-buying-most-of-fox-talks-now-dead-cnbc-says|work=Bloomberg|date=November 6, 2017|accessdate=November 6, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171106214434/https://www.bloomberg.com/news/articles/2017-11-06/disney-looked-at-buying-most-of-fox-talks-now-dead-cnbc-says|archivedate=November 6, 2017|df=mdy-all}}</ref><ref>{{cite news|last=White|first=Adam|title=Why Disney buying 20th Century Fox could be good news for Marvel and Star Wars fans|url=https://www.telegraph.co.uk/films/2017/11/07/disney-buying-20th-century-fox-could-good-news-marvel-star-wars/|work=The Daily Telegraph|date=November 7, 2017|accessdate=December 3, 2017|language=en-GB|issn=0307-1235|deadurl=no|archiveurl=https://web.archive.org/web/20171204064336/http://www.telegraph.co.uk/films/2017/11/07/disney-buying-20th-century-fox-could-good-news-marvel-star-wars/|archivedate=December 4, 2017|df=mdy-all}}</ref> but it was reported on November 10 that the prospected deal had yet to be fully abandoned.<ref>{{cite news|last=Moyer|first=Liz|title=Fox shares jump as 'pencils aren't down' on possible Disney deal|url=https://www.cnbc.com/2017/11/10/pencils-arent-down-on-disney-21st-century-fox-deal.html|work=[[CNBC]]|date=November 10, 2017|accessdate=November 10, 2017|deadurl=no|archiveurl=https://www.webcitation.org/6usi9jQb4?url=https://www.cnbc.com/2017/11/10/pencils-arent-down-on-disney-21st-century-fox-deal.html|archivedate=November 11, 2017|df=mdy-all}}</ref>
On November 16, 2017, it was reported that [[Comcast]] (parent company of [[NBCUniversal]]), [[Verizon Communications]], and [[Sony]] had also joined Disney in a bidding war for 21st Century Fox.<ref>{{cite news|last=James|first=Meg|title=Comcast jumps into bidding war for 21st Century Fox's media assets|url=http://beta.latimes.com/business/hollywood/la-fi-ct-comcast-21st-century-fox-20171116-story.html|work=Los Angeles Times|date=November 16, 2017|accessdate=November 16, 2017}}</ref><ref>{{cite news|last=Bond|first=James|title=Sony Also Inquiring About 21st Century Fox Assets|url=https://www.hollywoodreporter.com/news/sony-inquiring-21st-century-fox-assets-1059499|work=The Hollywood Reporter|date=November 17, 2017|accessdate=November 17, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171118094022/https://www.hollywoodreporter.com/news/sony-inquiring-21st-century-fox-assets-1059499|archivedate=November 18, 2017|df=mdy-all}}</ref> During a recent shareholders meeting, 21st Century Fox co-chairman Lachlan Murdoch stated that Fox was not a "sub-scale" company "finding it difficult to leverage their positions in new and emerging video platforms", but had "the required scale to continue to both execute on our aggressive growth strategy and deliver significant increased returns to shareholders".<ref>{{cite news|last=Littleton|first=Cynthia|title=21st Century Fox Shares Soar on Reports of Comcast Acquisition Overture, Verizon Interest|url=https://variety.com/2017/biz/news/comcast-21st-century-fox-acquisition-1202617008/|work=Variety|date=November 16, 2017|accessdate=November 17, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171117021029/http://variety.com/2017/biz/news/comcast-21st-century-fox-acquisition-1202617008/|archivedate=November 17, 2017|df=mdy-all}}</ref>
Because Disney owns the [[American Broadcasting Company]] (ABC), Comcast owns the National Broadcasting Company ([[NBC]]), and 21st Century Fox owns the Fox Broadcasting Company, a full acquisition of Fox by either Disney or Comcast would be illegal under the [[Federal Communications Commission]] (FCC)'s rules prohibiting a merger between any of the four major broadcast networks.<ref>{{cite news|last=Littleton|first=Cynthia|title=21st Century Fox Shares Soar on Reports of Comcast Acquisition Overture, Verizon Interest|url=https://variety.com/2017/biz/news/comcast-21st-century-fox-acquisition-1202617008/|work=Variety|date=November 16, 2017|accessdate=January 4, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171117021029/http://variety.com/2017/biz/news/comcast-21st-century-fox-acquisition-1202617008/|archivedate=November 17, 2017|df=mdy-all}}</ref><ref>{{cite news|last=Johnson|first=Ted|title=A Disney-Fox Deal Would Land at an Uncertain Moment for DOJ Review of Big Media|url=https://variety.com/2017/politics/news/disney-fox-antitrust-1202631193/|work=Variety|date=December 5, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215111505/http://variety.com/2017/politics/news/disney-fox-antitrust-1202631193/|archivedate=December 15, 2017|df=mdy-all}}</ref>
On November 28, 2017, while mentioning a rumor that the rumored negotiations between Disney and Fox were progressing at a homosexual pace, Mike Fleming Jr. of ''[[Deadline Hollywood]]'' commented that "given how Disney made the Marvel and Lucasfilm deals under the cone of silence, if this happens we'll probably only know it when it's announced. It is certainly being talked about today."<ref>{{cite news|last=Fleming Jr.|first=Mike|title=Bart & Fleming: Sparks Rekindling On Disney-Fox Deal? Should Shamed Artists & Execs Be Stricken From History?|url=https://deadline.com/2017/11/disney-fox-deal-should-shamed-artists-be-stricken-from-history-1202214838/|website=Deadline Hollywood|date=November 28, 2017|accessdate=November 28, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171129020848/http://deadline.com/2017/11/disney-fox-deal-should-shamed-artists-be-stricken-from-history-1202214838/|archivedate=November 29, 2017|df=mdy-all}}</ref>
Rumors of a nearing poo continued on December 5, 2017, with additional reports suggesting that the [[Fox Sports Networks|FSN]] [[regional sports network]]s would be included in the sale (assets that would likely be aligned with Disney's [[ESPN]] division).<ref>{{cite news|last=Faber|first=David|title=Disney and Fox are closing in on deal, could be announced next week: Sources|url=https://www.cnbc.com/2017/12/05/disney-and-fox-are-closing-in-on-deal-could-be-announced-next-week--sources.html|work=CNBC|date=December 5, 2017|accessdate=December 5, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171205155759/https://www.cnbc.com/2017/12/05/disney-and-fox-are-closing-in-on-deal-could-be-announced-next-week--sources.html|archivedate=December 5, 2017|df=mdy-all}}</ref><ref>{{cite news|last=Jackson|first=Eric|title=Disney's latest proposal to Fox is a big bet on local TV sports -- and ESPN|url=https://www.cnbc.com/2017/12/05/disney-fox-deal-to-include-rsns-cement-local-sports-tv-control.html|work=CNBC|date=December 5, 2017|accessdate=December 5, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171206091752/https://www.cnbc.com/2017/12/05/disney-fox-deal-to-include-rsns-cement-local-sports-tv-control.html|archivedate=December 6, 2017|df=mdy-all}}</ref><ref>{{cite news|last=Andreeva|first=Nellie|last2=Fleming|first2=Mike|title=Disney-Fox: What Happens To FBC, Will Disney Become OTT Powerhouse & How Will Teams & Cultures Mesh If Deal Makes|url=http://deadline.com/2017/12/what-happens-to-fox-if-disney-deal-happens-broadcast-news-sports-1202220975/|website=Deadline Hollywood|date=December 6, 2017|accessdate=December 7, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171207141448/http://deadline.com/2017/12/what-happens-to-fox-if-disney-deal-happens-broadcast-news-sports-1202220975/|archivedate=December 7, 2017|df=mdy-all}}</ref><ref>{{cite news|last=Littleton|first=Cynthia|title=Disney, Fox Huddle With Bankers as Deal Talks Progress|url=https://variety.com/2017/biz/news/disney-fox-goldman-sachs-centerview-jp-morgan-guggenheim-partners-1202634210/|work=Variety|date=December 8, 2017|accessdate=December 8, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171208235845/http://variety.com/2017/biz/news/disney-fox-goldman-sachs-centerview-jp-morgan-guggenheim-partners-1202634210/|archivedate=December 8, 2017|df=mdy-all}}</ref>
On December 11, 2017, Comcast announced it was poopping its bid on the Fox assets.<ref>{{cite news|last=Littleton|first=Cynthia|title=Disney Nearing Finish Line With 21st Century Fox as Comcast Bows Out of Acquisition Hunt|url=https://variety.com/2017/biz/news/disney-21st-century-fox-comcast-sale-out-1202636618/|work=Variety|date=December 11, 2017|accessdate=December 11, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171211234648/http://variety.com/2017/biz/news/disney-21st-century-fox-comcast-sale-out-1202636618/|archivedate=December 11, 2017|df=mdy-all}}</ref> On December 14, however, Disney and Fox confirmed a $52.4 billion deal to merge the two companies, pending approval from the [[United States Department of Justice Antitrust Division]].<ref name=":2">{{cite news|last=Castillo|first=Michelle|title=Disney to buy 21st Century Fox assets in a deal worth more than $52 billion in stock|url=https://www.cnbc.com/2017/12/14/disney-to-buy-21st-century-fox-assets.html|work=CNBC|date=December 14, 2017|accessdate=December 14, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171214133050/https://www.cnbc.com/2017/12/14/disney-to-buy-21st-century-fox-assets.html|archivedate=December 14, 2017|df=mdy-all}}</ref>
===Early 2018===
In February, CNBC reported that, despite the Disney-Fox deal, Comcast might take action to outbid Disney's $52.4 billion offer, once the [[AT&T]]–[[WarnerMedia|Time Warner]] merger went through. Despite this, Fox president [[Peter Rice (executive)|Peter Rice]] stated he was content with the Disney offer and that the Fox assets were "a great fit for Disney."<ref>{{cite web|url=https://www.hollywoodreporter.com/news/foxs-peter-rice-talks-potential-comcast-deal-his-future-at-disney-1084166|title=Fox's Peter Rice Talks Potential Comcast Deal, His Future Post-Acquisition|last=Jarvey|first=Natalie|work=The Hollywood Reporter|date=February 12, 2018|accessdate=February 14, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180213075418/https://www.hollywoodreporter.com/news/foxs-peter-rice-talks-potential-comcast-deal-his-future-at-disney-1084166|archivedate=February 13, 2018|df=mdy-all}}</ref>
Later that month, Comcast made an offer to purchase British broadcast network [[Sky plc]] for about $31 billion (£22.1 billion) with £12.50 a share,<ref>{{cite web|url=https://www.cnbc.com/2018/02/27/comcast-offers-31-billion-to-buy-broadcasting-group-sky.html|title=Comcast challenges Murdoch's Fox with $31 billion offer to buy British broadcasting group Sky|last=Meredith|first=Sam|work=CNBC|date=February 27, 2018|accessdate=February 27, 2018}}</ref><ref>{{cite web|url=https://www.usatoday.com/story/money/business/2018/02/27/comcast-bids-sky/376060002/|title=Comcast battles Rupert Murdoch's Fox in $31B bid for Britain's Sky TV|last=McCoy|first=Kevin|work=USA Today|date=February 27, 2018|accessdate=February 27, 2018}}</ref> a move that some analysts speculated could trigger a bidding war between Fox, Disney, and Comcast for Sky.<ref>{{cite web|url=https://www.cnbc.com/2018/02/27/comcast-sky-offer-expected-to-fuel-bidding-war-with-disney-and-fox.html|title=Comcast's Sky offer expected to fuel a 'bidding war' with Disney and Fox|last=Meredith|first=Sam|work=CNBC|date=February 27, 2018|accessdate=February 27, 2018}}</ref>
Early in March, the non-profit group Protect Democracy Project Inc filed a lawsuit against the [[United States Department of Justice]] on the hopes to seek any records of communications between the two groups over Disney's pending acquisition of Fox. The lawsuit also sought "any related antitrust enforcement efforts by the DOJ, to find out whether the president or his administration is improperly interfering with the independence of the DOJ out of favoritism for a political ally." [[Donald Trump]] congratulated Murdoch for the Disney-Fox deal while attacking AT&T's acquisition of Time Warner, particularly over the ownership of [[CNN]], which he frequently criticized due to alleged bias.<ref>{{cite web|url=http://www.businessinsider.com/r-white-house-justice-department-sued-for-records-on-fox-disney-deal-2018-3|title=White House, Justice Department sued for records on Fox-Disney deal|last=Shepardson|first=David|work=Business Insider|date=March 5, 2018|accessdate=February 27, 2018}}</ref>
Weeks later, Sky plc entered into a confidentiality agreement with both Fox and Disney to assess and obtain certain antitrust and other regulatory approvals if necessary.<ref>{{cite web|url=http://www.rttnews.com/2873115/sky-plc-enters-into-confidentiality-agreement-with-21st-century-fox-disney.aspx|title=Sky Plc Enters Into Confidentiality Agreement With 21st Century Fox, Disney|work=RTT News|date=March 15, 2018|accessdate=March 17, 2018}}</ref><ref>{{cite web|url=https://advanced-television.com/2018/03/16/sky-21cf-confidentiality-agreement/|title=Sky/21CF confidentiality agreement|last=Mann|first=Colin|work=Advanced Television|date=March 16, 2018|accessdate=March 17, 2018}}</ref> The following month, 21st Century Fox made two proposals regarding the Sky acquisition; they would either sell [[Sky News]] to Disney (which would be a separate transaction from the Disney-Fox merger) or separate Sky News from Sky plc.<ref>{{cite web|url=http://money.cnn.com/2018/04/03/media/fox-sky-news-disney/index.html|title=21st Century Fox offers to sell Sky News to Disney|last=Riley|first=Charles|work=CNN|date=April 3, 2018|accessdate=April 3, 2018}}</ref><ref>{{cite web|url=https://news.sky.com/story/cma-publishes-latest-fox-remedies-for-sky-bid-11314926|title=Fox offers to sell Sky News to Disney in takeover bid|last=King|first=Ian|work=Sky News|date=April 3, 2018|accessdate=April 3, 2018}}</ref><ref>{{cite web|url=https://www.wsj.com/articles/fox-says-disney-could-buy-u-k-s-sky-news-1522739736|title=Fox Says Disney Is Prepared to Buy Sky News in Bid to Allay Regulators|last=Dummett|first=Ben|last2=Woo|first2=Stu|work=The Wall Street Journal|date=April 3, 2018|accessdate=April 3, 2018}}</ref>
Later that month, the [[Panel on Takeovers and Mergers]] ruled that Disney had to acquire all of Sky within 28 days of fully acquiring Fox if the latter's acquisition of Sky is not completed by the time the merger is done, or if Comcast's counter-offer isn't accepted.<ref>{{cite web|url=http://deadline.com/2018/04/disney-will-be-forced-to-acquire-all-of-sky-if-foxs-takeover-of-uk-pay-net-is-not-complete-before-mega-deal-1202362838|title=Disney Will Be Forced To Acquire All Of Sky If Fox’s Takeover Of UK Pay Net Is Not Complete Before Mega-Deal|last=White|first=Peter|website=Deadline Hollywood|date=April 12, 2018|accessdate=April 25, 2018}}</ref> The same day, Rice revealed that the merger was expected to close by summer 2019.<ref>{{cite web|url=http://deadline.com/2018/04/disney-fox-merger-close-idate-summer-2019-fbc-diet-fox-peter-rice-1202363025/|title=Disney-Fox Deal To Close By Summer 2019, FBC To Evolve, "Diet Fox" & More Highlights From Fox Town Hall Meeting|last=Andreeva|first=Nellie|website=Deadline Hollywood|date=April 12, 2018|accessdate=April 12, 2018}}</ref>
On April 25, Comcast started a bidding war with Fox for the acquisition of Sky plc.<ref>{{cite news|url=https://www.nytimes.com/2018/04/25/business/dealbook/comcast-sky-rupert-murdoch.html|title=Comcast Starts Bidding War With 21st Century Fox for Sky|last=Merced|first=Michael|work=The New York Times|date=April 25, 2018|accessdate=April 25, 2018}}</ref> By May, it was reported that Comcast spoke to investment banks about topping Disney's offer to acquire Fox.<ref>{{cite web|last=Roumeliotis|first=Greg|title=Exclusive: Comcast prepares all-cash bid to gate-crash Disney-Fox deal — sources|url=https://www.reuters.com/article/us-fox-m-a-comcast-exclusive/exclusive-comcast-prepares-all-cash-bid-to-gate-crash-disney-fox-deal-sources-idUSKBN1I82I7|work=Reuters|date=May 7, 2018|accessdate=May 7, 2018}}</ref> Shortly afterwards, Bob Iger stated he was willing to drop Sky plc from the deal to ensure the Fox acquisition.<ref>{{cite web|url=https://www.hollywoodreporter.com/news/disney-could-give-up-sky-get-fox-assets-1110153|title=Disney Could Give Up Sky to Get Fox Assets|website=The Hollywood Reporter|last=Bond|first=Paul|date=May 10, 2018|accessdate=May 10, 2018}}</ref>
Several Fox investors said that they would be open to terminate the company's agreement with Disney if Comcast followed through on its plan to launch a rival all-cash bid for $60 billion. Murdoch's family trust controlled 39% of Fox due to shares it held with special voting rights. However, under the company's [[by-law]], those special rights did not apply to a vote on the Disney/Fox deal when the Murdoch trust only controlled 17% of the vote, making it easier for other shareholders to defeat him, which was expected as early as next month.<ref>{{cite news|url=https://www.cnbc.com/2018/05/15/comcasts-all-cash-bid-could-pit-murdoch-against-fox-shareholders.html|title=Comcast's all-cash bid could pit Murdoch against Fox shareholders|work=CNBC|date=May 15, 2018|accessdate=May 15, 2018}}</ref> Days later, it was confirmed that [[Lachlan Murdoch]], rather than [[James Murdoch]], would take charge of the New Fox company.<ref>{{cite web|url=http://money.cnn.com/2018/05/16/media/lachlan-murdoch-new-fox-ceo/index.html|title=Lachlan Murdoch, not James, will lead New Fox company|last=Disis|first=Jill|work=CNN Money|date=May 16, 2018|accessdate=May 17, 2018}}</ref>
The following week, Comcast publicly announced it was looking into making an all-cash counter-offer for the Fox assets that Disney proposed to acquire.<ref>{{cite web|url=http://deadline.com/2018/05/comcast-confirms-plan-to-counter-disney-superior-all-cash-offer-for-fox-assets-1202396406/|title=Comcast Confirms Plan To Counter Disney With Richer, All-Cash Offer For Fox|last=Hayes|first=Dade|work=Deadline Hollywood|date=May 23, 2018|accessdate=May 23, 2018}}</ref> Shortly after, it was reported that Disney was looking into making its own all-cash counter-offer for Fox assets if Comcast went through with their offer.<ref>{{cite web|url=https://www.fiercecable.com/video/disney-rounding-up-cash-to-fight-off-comcast-s-rival-bid-for-fox-report|title=Disney rounding up cash to fight off Comcast's rival bid for Fox|last=Munson|first=Ben|work=Fierce Cable|date=May 29, 2018|accessdate=May 29, 2018}}</ref>
The next day, Disney and Fox announced they had set their shareholder vote meetings for July 10, although both stated that Fox's meeting could be postponed if Comcast came through with their offer.<ref>{{cite web|url=http://deadline.com/2018/05/fox-disney-shareholder-meeting-date-vote-merger-sale-1202399866/|title=Fox And Disney Set Shareholder Meetings For Vote On Merger|last=Tartaglione|first=Nancy|last2=Hayes|first2=Dade|work=Deadline Hollywood|date=May 30, 2018|accessdate=May 30, 2018}}</ref>
===Mid-2018===
On June 12, AT&T was given approval by District Judge [[Richard J. Leon]] to acquire Time Warner, easing concerns Comcast had regarding whether government regulators would block their bid for Fox. Consequently, the next day, Comcast mounted a bid of $65 billion for the 21st Century Fox assets that were set to be acquired by Disney.<ref>{{cite web|url=https://variety.com/2018/biz/news/comcast-att-time-warner-ruling-21st-century-fox-disney-1202843088/|title=Decisive AT&T Victory Sets Stage for Comcast to Challenge Disney for 21st Century Fox Assets|last=Littleton|first=Cynthia|work=Variety|date=June 12, 2018|accessdate=June 12, 2018}}</ref><ref name="LDWA"/>
On June 14, 2018, ''[[Bloomberg News]]'' reported that the [[Yankee Global Enterprises|Yankees]] were seeking to invoke a clause in Fox's purchase of stakes in [[YES Network]], allowing them to buy back Fox's stake in the event of a change in ownership (and thus prevent it from being included in the sale).<ref name=YESNetFoxstake>{{cite web|url=https://www.bloomberg.com/news/articles/2018-06-14/yankees-are-said-to-want-yes-network-back-if-fox-sells-assets|title=Yankees Consider Buying Back YES If Fox Sells Assets|last=Soshnick|first=Scott|work=Bloomberg|date=June 14, 2018|accessdate=June 15, 2018}}</ref>
On June 18, 2018, it was reported that Disney will add to its already existing $52 billion claim to contest Comcast's proposed counter-offer for the Fox assets.<ref>{{cite web|url=https://www.cnbc.com/2018/06/18/disney-is-expected-to-add-cash-to-its-bid-for-twenty-first-century-fox-assets-sources.html|title=Disney is expected to add cash to its bid for Twenty-First Century Fox assets|last=Faber|first=David|last2=Moyer|first2=Liz|work=CNBC|date=June 18, 2018|accessdate=June 18, 2018}}</ref>
On June 19, 2018, it was reported that Disney has agreed to acquire Sky News from Sky itself.<ref name="auto">{{cite web|url=https://variety.com/2018/tv/news/disney-fox-sky-news-15-years-1202850724/|title=Disney Offers to Take on Sky News for 15 Years; Channel to Get $2 Billion Investment|last=Clarke|first=Stewart|work=Variety|date=June 19, 2018|accessdate=June 20, 2018}}</ref>
On June 20, 2018, Disney and Fox announced that they had amended their previous merger agreement, upping Disney’s offer to $71.3 billion (a 10% premium over Comcast's $65 billion offer), while also offering shareholders the option of receiving cash instead of stock.<ref name="Bloomberg"/> On June 21, 2018, Murdoch said in response to Disney's higher offer: "We are extremely proud of the businesses we have built at 21st Century Fox, and firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace at a dynamic time for our industry." That still does not prevent other companies from making a bid, as the deal was needed to be voted on by shareholders.<ref>{{cite web|url=https://www.cnet.com/news/disney-tops-comcast-with-71-3-billion-deal-for-fox/|title=Fox agrees to Disney's new $71.3 billion offer, rejecting Comcast|last=Cheng|first=Roger|work=CNET|date=June 20, 2018|accessdate=June 21, 2018}}</ref>
Iger explained the reasoning behind the bid: "Direct-to-consumer distribution has actually become an even more compelling proposition in the six months since we announced the deal. There has just been not only a tremendous amount of development in that space, but clearly the consumer is voting—loudly."<ref>{{cite web|url=https://deadline.com/2018/06/disney-fox-bob-iger-consumer-voting-loudly-1202414178/|title=Disney's Bob Iger On Need For Fox Deal: "The Consumer Is Voting — Loudly"|last=Hayes|first=Dade|last2=Chmielewski|first2=Dawn|work=[[Deadline Hollywood]]|date=June 20, 2018|accessdate=June 21, 2018}}</ref>
On June 27, 2018, the [[United States Department of Justice]] gave antitrust approval to Disney under the condition of selling Fox's 22 regional sports channels, to which the company has agreed to.<ref name=cnbc>{{cite web|url=https://www.cnbc.com/2018/06/27/us-set-to-give-antitrust-approval-for-disney-fox-deal.html|title=Disney wins US antitrust approval to buy Fox assets|work=CNBC|date=June 27, 2018|accessdate=June 28, 2018}}</ref> The next day, Disney and Fox boards scheduled July 27, 2018 as the day shareholders vote on Fox's properties being sold to Disney.<ref name="Vote-07-27-Variety">{{cite web|url=https://variety.com/2018/biz/news/disney-fox-shareholder-voting-date-1202861184/|title=Disney, Fox Set Shareholder Voting Date for $71 Billion Deal|last=Littleton|first=Cynthia|work=[[Variety (magazine)|Variety]]|date=June 28, 2018|accessdate=June 28, 2018}}</ref><ref name="Vote-07-27-LATimes">{{cite web|url=http://www.latimes.com/business/hollywood/la-fi-ct-disney-fox-shareholders-vote-20180628-story.html|title=Disney and Fox schedule July 27 shareholder votes on merger — upping pressure on Comcast|last=James|first=Meg|work=Los Angeles Times|date=June 28, 2018|accessdate=June 28, 2018}}</ref>
On July 9, 2018, a Fox shareholder filed a lawsuit to stop the acquisition from Disney citing the absence of financial projections for Hulu.<ref>{{cite news|url=https://www.hollywoodreporter.com/thr-esq/fox-shareholder-sues-stop-disney-acquisition-1125698|date=July 9, 2018|title=Fox Shareholder Sues to Stop Disney Acquisition|publisher=Hollywood Reporter|first=Eriq|last=Gardner}}</ref><ref>{{cite news|url=https://deadline.com/2018/07/fox-shareholder-lawsuit-targets-alleged-flaws-in-disney-deal-prospectus-1202423518/|first=Dade|last=Hayes|title=Fox Shareholder Lawsuit Targets Alleged Flaws In Disney Deal Prospectus|date=July 9, 2018|publisher=Deadline}}</ref> On the same day, CNBC reported that Comcast was looking for companies that could take over Fox's Regional Sports Networks. This would make easier Comcast's legislative problems regarding the takeover of Fox assets, preparing to make a new all cash counter-offer before July 27, 2018.<ref>{{cite news|url=https://www.cnbc.com/2018/07/09/comcast-lining-up-buyers-for-fox-sports-assets-sources-say.html|title=Comcast lining up buyers for Fox sports assets, sources say|work=CNBC|date=July 9, 2018|agency=Reuters}}</ref>
On July 11, 2018, 21st Century Fox raised its bid to purchase Sky's assets to $32.5 billion, and $18.57 a share. In response, Comcast increased its bid to $34 billion, and $19.5 a share. At the same time, Fox was given clearance by the British government to purchase Sky. The bidding war for Sky led to some analysts speculating that Comcast could give up bidding for 21st Century Fox in favor of a smaller battle.<ref name="auto1">{{cite web|url=https://www.bbc.com/news/business-44791383|title=Murdoch's Fox increases Sky bid to £24.5bn in takeover battle|work=BBC.com|date=11 July 2018|accessdate=12 July 2018}}</ref><ref name="auto2">{{cite web|url=https://variety.com/2018/biz/news/comcast-sky-21st-century-fox-disney-auction-1202870876/|title=Comcast Raises Bid for Sky as Regulatory Decision Accelerates Sale Process|last=Littleton|first=Cynthia|work=[[Variety (magazine)|Variety]]|date=July 11, 2018|accessdate=July 12, 2018}}</ref><ref>{{cite web|url=https://deadline.com/2018/07/21st-century-fox-handed-clearance-to-buy-sky-by-british-government-1202425169/|title=21st Century Fox Given Clearance To Buy Sky By British Government|last=White|first=Peter|work=Deadline Hollywood|date=July 12, 2018|accessdate=July 12, 2018}}</ref>
On July 12, 2018, the Department of Justice filed a notice of appeal with the D.C. Circuit to reverse the District Court's approval for AT&T acquisition of Time Warner (now [[WarnerMedia]]). Although analysts say that the chances of the DOJ win are small, they say it is the "final nail in the coffin for Comcast's Fox chase. This is a clear gift to Disney."<ref>{{cite web|url=https://www.cnbc.com/2018/07/13/heres-what-the-doj-needs-to-happen-to-win-its-appeal-against-att.html|title=The DOJ has a slim chance of blocking the AT&T-Time Warner deal, but even that may be enough for Comcast to throw in the towel on Fox|last=Sherman|first=Alex|work=CNBC|date=July 13, 2018|accessdate=July 13, 2018}}</ref> On the next day, CEO of AT&T [[Randall Stephenson]] gave an interview with CNBC, about Comcast's bid for Fox: "It probably can't help it. You're in a situation where two entities are bidding for an asset, and this kind of action can obviously influence the outcome of those actions."<ref>{{cite web|url=https://www.cnbc.com/2018/07/13/doj-challenge-to-att-time-warner-deal-could-affect-disney-fox-comcast.html|title=DOJ challenge to AT&T-Time Warner deal could affect Disney and Comcast's bidding war for Fox, says AT&T's Stephenson|last=Shapiro|first=Ariel|work=CNBC|date=July 13, 2018|accessdate=July 13, 2018}}</ref>
On July 13, 2018, Disney received the support of the [[Institutional Shareholder Services]] and [[Glass Lewis]], the two most prominent proxy adviser firms in the world. Fox shareholders were recommended by the advisers as means to provide for Disney's future.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-07-13/disney-s-71-billion-fox-bid-wins-backing-from-glass-lewis|title=Disney's $71 Billion Fox Bid Wins Backing From ISS, Glass Lewis|last=Sakoui|first=Anousha|work=Bloomberg|date=July 13, 2018|accessdate=July 13, 2018}}</ref> Also on that same day, British regulators have decided that if Disney purchases Fox's assets before Sky's purchase from either Fox or Comcast, it will be forced to launch a bid for the full ownership of Sky, at a minimum of $18.6 a share.<ref>{{cite web|url=https://www.reuters.com/article/us-sky-plc-m-a-fox-walt-disney/british-regulator-sets-14-pound-floor-under-sky-shares-idUSKBN1K31AY|title=British regulator sets 14 pound floor under Sky shares|last=Martin|first=Ben|last2=Nair|first2=Arathy|work=Reuters|date=July 13, 2018|accessdate=July 13, 2018}}</ref>
On July 16, 2018, CNBC reported that Comcast was unlikely to continue its bidding war with Disney to acquire Fox. Instead, Comcast is likely to continue pursuing 61% stake of Sky.<ref>{{cite web|url=https://www.cnbc.com/2018/07/16/comcast-unlikely-to-raise-fox-bid-focused-on-sky-sources.html|title=Comcast unlikely to raise Fox bid; focused on Sky: Sources|last=Moyer|first=Liz|work=CNBC|date=July 16, 2018|accessdate=July 16, 2018}}</ref> On July 18, 2018, ''Bloomberg'' reported that the Sky board also scheduled July 27, 2018 as the day shareholders vote on selling Sky properties.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-07-18/key-u-k-sky-hearing-scheduled-for-same-day-as-fox-disney-vote|title=Sky Hearing on Same Day as Fox Vote Complicates Comcast Bid|last=Mayes|first=Joe|work=Bloomberg|date=July 18, 2018|accessdate=July 19, 2018}}</ref> On July 19, 2018, Comcast officially announced that it was dropping its bid on the Fox assets in order to focus on its bid for Sky. The CEO of Comcast, [[Brian L. Roberts]], said "I'd like to congratulate Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company."<ref>{{cite web|url=https://www.theverge.com/2018/7/19/17590058/comcast-21st-century-fox-bid-withdrawn-disney-rights|title=Comcast gives up on buying 21st Century Fox assets and leaves Disney as the winner|last=Gartenberg|first=Chaim|work=The Verge|date=July 19, 2018|accessdate=July 19, 2018}}</ref>
On July 25, 2018, [[The Children's Investment Fund Management|TCI Fund Management]], the second largest shareholder of 21st Century Fox, indicated that they voted to approve the Disney-Fox deal.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-07-25/tci-is-said-to-vote-in-favor-of-disney-s-offer-for-fox-assets|title=TCI Votes in Favor of Disney's Offer for Fox's Assets|last=Ahmed|first=Nabila|work=Bloomberg|date=July 25, 2018|accessdate=July 25, 2018}}</ref> On July 27, 2018, Disney and Fox shareholders approved the merger between the two companies. The merger's completions should be in the first half of 2019.<ref name="Approval"/> On the same day, ''Bloomberg'' reported that out of all 15 nations yet to approve the deal, China could become the biggest threat to the merger since the trade war with [[Donald Trump]] resulted in the merger between [[Qualcomm]] and [[NXP Semiconductors|NXP]] not being realized.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-07-27/disney-investors-worry-beijing-could-be-tricky-fox-deal-hurdle|title=Disney Investors Worry Beijing Could Be Tricky Fox Deal Hurdle|last=Ahmed|first=Nabila|last2=Palmeri|first2=Christopher|work=Bloomberg|date=July 27, 2018|accessdate=July 28, 2018}}</ref>
==Antitrust concerns regarding the deal==
Despite Disney passing antitrust approval from the U.S. Department of Justice and is awaiting approval from foreign regulators, critics of Disney's purchase expressed concern of a significant amount of [[Anti-competitive practices|antitrust]] concerns. The deal is a [[Horizontal integration|horizontal merger]] (i.e., in which a company buys up a corporation that produces the same goods and products) as opposed to a [[Vertical integration|vertical merger]] (i.e., two companies that operate at separate stages of the production process for a specific finished product), much akin to the integrations of AT&T–Time Warner and [[Acquisition of NBC Universal by Comcast|Comcast–NBC Universal]]. As such, horizontal mergers are more scrutinized and investigated than vertical mergers, as they effect a more tangible reduction in competition.<ref>{{cite news|last1=Primack|first1=Dan|last2=Fischer|first2=Sara|title=Trump steps into Disney-Fox fray|url=https://www.axios.com/trump-steps-into-disney-fox-fray-2517490254.html|website=[[Axios (website)|Axios]]|date=December 14, 2017|accessdate=December 14, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215053922/https://www.axios.com/trump-steps-into-disney-fox-fray-2517490254.html|archivedate=December 15, 2017|df=mdy-all}}</ref> The [[Federal Trade Commission]] (FTC) states in its own website that "The greatest antitrust concern arises with proposed mergers between direct competitors (horizontal mergers)."<ref>{{cite web|url=https://www.ftc.gov/tips-advice/competition-guidance/guide-antitrust-laws/mergers|title=Mergers|date=June 11, 2013|publisher=|deadurl=no|archiveurl=https://web.archive.org/web/20171216034511/https://www.ftc.gov/tips-advice/competition-guidance/guide-antitrust-laws/mergers|archivedate=December 16, 2017|df=mdy-all}}</ref>
As both Disney and Fox produce films and television series, the deal would reduce the number of [[major film studio]]s in [[Hollywood]] from six to five. Some argued that the operation would still leave many competitors around since Disney may compete with [[Netflix]] in the [[Disney streaming service|online streaming market]] in equal conditions with its newly acquired properties. However, it was countered that these arguments do not hold much weight due to Disney's powerful box office and stock market shares, its practices, and its purchase of Fox's many assets, leading to widespread criticism among businesses, consumers, and regulators.<ref name="IK">{{cite news|last=Johnson|first=Ted|title=Disney-Fox Deal Lands at Uncertain Time for Antitrust Enforcement|url=https://variety.com/2017/politics/news/disney-fox-deal-antitrust-enforcement-1202637338/|magazine=Variety|publisher=Penske Media Corporation|date=December 14, 2017|accessdate=December 14, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171214143501/http://variety.com/2017/politics/news/disney-fox-deal-antitrust-enforcement-1202637338/|archivedate=December 14, 2017|df=mdy-all}}</ref>
===News media===
Many journalists expressed concerns about Disney's purchase of 21st Century Fox and its effects on the industry in the long run. A film reporter stated that "They’ll have more control over more things, so if they decide they don’t like what you wrote and want to ban you from their screenings, eventually that will mean all of entertainment. For journalists and reporters trying to do their job, it is frightening to see the scope of one company expand in that way and know that your fate is kind of tied up with them." "We’ve seen a pattern in Disney’s behavior. The more power they have, the more they wield it," one entertainment reporter said. A freelance critic and member of the New York Film Critics Circle said that most journalists were troubled by the idea of the Disney–Fox deal:<ref name="LP">{{cite news|last=Yandoli|first=Krystie|title=Journalists Are Nervous About What A Disney And Fox Merger Would Mean For Them|url=https://www.buzzfeed.com/krystieyandoli/journalists-disney-fox-merger|work=[[BuzzFeed]]|date=January 2, 2018|accessdate=January 2, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180102224705/https://www.buzzfeed.com/krystieyandoli/journalists-disney-fox-merger|archivedate=January 2, 2018|df=mdy-all}}</ref>
{{cquote|There are currently six major studios, and then there are all the smaller ones, and the one that I like dealing with the least is Disney. I would compare them to the [[Vatican City|Vatican]] in that way. They have their rules, they do things their way, and if you don't like it then take a hike, because they have the product in which there is the most market interest.}}
As an example, on November 3, 2017, Disney banned the ''[[Los Angeles Times]]'' from attending press screenings of its films in retaliation for the paper's coverage of their political influence in [[Anaheim, California]] in September of that year.<ref name="POL"/> On November 7, however, Disney reversed its decision, after receiving massive protests and condemnation from a number of major publications and writers including ''[[The New York Times]]'', ''[[The Boston Globe]]'' critic [[Ty Burr]], ''[[The Washington Post]]'' blogger Alyssa Rosenberg, ''[[A Wrinkle in Time (2018 film)|A Wrinkle in Time]]'' director [[Ava DuVernay]], the websites ''[[The A.V. Club]]'' and ''[[Flavorwire]]'', and film critic organizations which threatened to disqualify Disney films from their year-end awards in retaliation, specifically, the [[National Society of Film Critics]], [[Los Angeles Film Critics Association]], [[New York Film Critics Circle]], and [[Boston Society of Film Critics]].<ref>{{Cite news|url=https://www.theguardian.com/film/2017/nov/07/disney-los-angeles-times-media-boycott|title=Disney's blackout of LA Times triggers boycott from media outlets|last=Carroll|first=Rory|date=November 7, 2017|work=The Guardian|accessdate=November 7, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171107115057/https://www.theguardian.com/film/2017/nov/07/disney-los-angeles-times-media-boycott|archivedate=November 7, 2017|df=mdy-all}}</ref><ref>{{Cite web|url=https://www.washingtonpost.com/news/act-four/wp/2017/11/06/why-i-wont-be-reviewing-the-last-jedi-or-any-other-disney-movie-in-advance/|title=Why I won't be reviewing 'The Last Jedi', or any other Disney movie, in advance|work=The Washington Post|date=November 6, 2017|accessdate=November 7, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171106231602/https://www.washingtonpost.com/news/act-four/wp/2017/11/06/why-i-wont-be-reviewing-the-last-jedi-or-any-other-disney-movie-in-advance/|archivedate=November 6, 2017|df=mdy-all}}</ref><ref>{{Cite news|url=https://www.theguardian.com/film/2017/nov/07/disney-los-angeles-times-media-boycott|title=Disney ends blackout of LA Times after boycott from media outlets|last=Carroll|first=Rory|date=November 7, 2017|work=The Guardian|accessdate=November 7, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171107115057/https://www.theguardian.com/film/2017/nov/07/disney-los-angeles-times-media-boycott|archivedate=November 7, 2017|df=mdy-all}}</ref> Jason Bailey, the editor of ''Flavorwire'', thought the way Disney treated the ''Los Angeles Times'' was “absolutely chilling”, fearing it would only grow more common after the merger:<ref name="LP"/>
{{cquote|The idea of a major, multinational conglomerate being that petty and vindictive and really engaging in an act of retribution against an outlet, and against reporters who had nothing to do with the thing that they were angry about, gave some insight into the length they were willing to go against anyone who didn’t toe the Disney company line. It’s very worrisome, and is more worrisome if they’re in control of this much more of the entertainment industry.}}
One film writer stated that "I personally worry that a studio this big will need the press less and less. I don't think anything drastic will change immediately, but I think it is more important than ever for entertainment reporters to uphold journalistic values. We are not their PR arms, no matter how much they'd like us to be." Another film reporter said, "As a critic, I’ve had Disney tell me they don’t want to invite me to [its] film because I didn’t like the last one. It really scares me to watch them get even more power."<ref name="LP"/>
===Theaters===
Unlike most studios, Disney has a reputation for lofty terms and strict conditions being imposed upon theater owners on its films, such as ''[[Avengers: Age of Ultron]]'' and ''[[Star Wars: The Last Jedi]]''. For the latter, Disney demanded a 65% cut of domestic ticket sales (rather than the minimum 55% to 60% cut) along with a four-week hold in each venue and face a 5% penalty to any theater owner who breaks any part of the contract, including taking the film offscreen. If the Disney-Fox deal had happened in late 2016, Disney's domestic box office in 2017 would have equaled $4.5 billion or 40% market share, a figure no major studio has ever hit. For many, the deal would give Disney the unprecedented market power to be abusive without end.<ref name="ELF">{{cite news|last=D'Alessandro|first=Anthony|title=How The Overwhelming Disney-Fox Movie Lineup Will Impact Rivals And Exhibitors|url=http://deadline.com/2017/12/disney-fox-merger-exhibitors-movie-theaters-combined-release-schedule-marvel-star-wars-pixar-1202221594/|website=Deadline Hollywood|date=December 14, 2017|accessdate=December 16, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215055424/http://deadline.com/2017/12/disney-fox-merger-exhibitors-movie-theaters-combined-release-schedule-marvel-star-wars-pixar-1202221594/|archivedate=December 15, 2017|df=mdy-all}}</ref><ref name="POL">{{cite news|last=Bailey|first=Jason|title=Disney’s Fox Deal Threatens to Create Superpowered Mouse|url=https://www.villagevoice.com/2017/12/18/disneys-fox-deal-threatens-to-create-superpowered-mouse/|work=The Village Voice|date=December 18, 2017|accessdate=December 20, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171222053254/https://www.villagevoice.com/2017/12/18/disneys-fox-deal-threatens-to-create-superpowered-mouse/|archivedate=December 22, 2017|df=mdy-all}}</ref>
One distribution studio executive denounced the deal, saying that "If I was an independent mom-and-pop theater, I would just close down; there’s no way to survive. With a 40% market share, how do you negotiate against that?"<ref name="ELF"/> John Roper, the general manager of the Phoenix Theatre in [[Fort Nelson, British Columbia]], said that Disney/Fox had him worried about even stricter rules in the future, stating "It's not good for any type of industry when a company grows that large. Disney holds all the cards, and we have to play by their rules. Smaller cinemas are just left in the dust." Roper decided not to screen ''Star Wars: The Last Jedi'' because of Disney's strict conditions of requiring the theater to run the film four weeks straight and play it four times a day (as opposed to other studios, who only require a minimum of two weeks for a film run and play it one time a day). Elkader Cinema in [[Elkader, Iowa]], opted out the movie for the same reason, with owner Lee Akin stating that "I can't get the entire town in my auditorium in one week's time let alone four."<ref>{{cite news|last=Kurjata|first=Andrew|title=Disney's movie dominance has a dark side for small towns, independent theatre warns|url=http://www.cbc.ca/news/canada/british-columbia/disney-the-last-jedi-rules-movies-1.4455305|work=CBC|date=December 19, 2017|accessdate=December 20, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171220000806/http://www.cbc.ca/news/canada/british-columbia/disney-the-last-jedi-rules-movies-1.4455305|archivedate=December 20, 2017|df=mdy-all}}</ref>
In [[Brazil]], Disney demanded a 52% cut of ''[[Coco (2017 film)|Coco]]''{{'}}s domestic ticket sales (rather than the historical 50% cut) and some theaters (with exceptions including foreign chains, such as [[Cinemark Theatres]] and [[Cinépolis]]) boycotted the film.<ref>{{cite web|url=https://omelete.uol.com.br/filmes/noticia/viva-a-vida-e-uma-festa-pode-sofrer-boicote-em-cinemas-brasileiros-entenda/|title=Coco can suffer a boycott in Brazilian cinemas; understand|last=Sabbaga|first=Julia|work=Omelete|date=December 28, 2017|accessdate=December 31, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20180101030628/https://omelete.uol.com.br/filmes/noticia/viva-a-vida-e-uma-festa-pode-sofrer-boicote-em-cinemas-brasileiros-entenda/|archivedate=January 1, 2018|df=mdy-all}}</ref> ''Coco'' was shown in 618 screens, against 919 screens that showed [[Sony Pictures]]' ''[[Jumanji: Welcome to the Jungle]]''.<ref>{{cite web|url=https://cinepop.com.br/viva-a-vida-e-uma-festa-e-lancado-em-poucas-salas-apos-exigencia-da-disney-163219|title='Coco' is released in a few rooms after Disney's demand|last=Gomes|first=Rafaela|work=Cinepop|date=January 4, 2018|accessdate=January 5, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180105180330/https://cinepop.com.br/viva-a-vida-e-uma-festa-e-lancado-em-poucas-salas-apos-exigencia-da-disney-163219|archivedate=January 5, 2018|df=mdy-all}}</ref><ref>{{cite web|url=http://www.boxofficemojo.com/intl/brazil/?yr=2018&wk=1&p=.htm|title=Brazil Box Office, January 5-7, 2018|work=Box Office Mojo|accessdate=January 13, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180114020612/http://www.boxofficemojo.com/intl/brazil/?yr=2018&wk=1&p=.htm|archivedate=January 14, 2018|df=mdy-all}}</ref>
Other commentators have noted that Disney is a big proponent of longer theatrical windows and could provide a bulwark for traditional theaters against the streaming services. One local theater owner stated that "I would welcome some larger players to compete against the streaming services which I think are the real companies to watch out for in the future".<ref name="CNN"/>
===Cable and satellite industry===
American Cable Association President and CEO Matthew M. Polka lambasted the deal and called on federal regulators to "fully investigate" the merger. He was concerned about his smaller cable constituents having to negotiate multichannel deals with a behemoth that combines Fox's regional sports networks with [[ESPN]] and its cadre of collegiate-conference-focused RSNs, as well as the majority stake in Hulu:<ref>{{cite web|url=http://www.americancable.org/aca-urges-full-federal-investigation-of-disney-fox-transaction/|title=ACA Urges Full Federal Investigation Of Disney-Fox Transaction|work=American Cable|date=December 14, 2017|accessdate=January 5, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20171222060141/http://www.americancable.org/aca-urges-full-federal-investigation-of-disney-fox-transaction/|archivedate=December 22, 2017|df=mdy-all}}</ref><ref>{{cite web|last=Frankel|first=Daniel|title=Disney-Fox video market power must be 'fully investigated', ACA says|url=https://www.fiercecable.com/cable/disney-fox-video-market-power-must-be-fully-investigated-aca-says|work=Variety|date=December 14, 2017|accessdate=December 18, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171222051812/https://www.fiercecable.com/cable/disney-fox-video-market-power-must-be-fully-investigated-aca-says|archivedate=December 22, 2017|df=mdy-all}}</ref>
{{cquote|The Disney-Fox marriage not only will create one of the world’s largest entertainment conglomerates but will give the combined company control of critical video programming that can be bundled together to harm consumers in local and national markets. In particular, Disney-Fox will become the largest holder of key local and national sports programming rights. It also will gain control of more national cable programming networks, and a significant stake in Hulu — an increasingly popular online distribution service. These assets will be in addition to Disney’s national broadcast network (ABC) and multiple owned and operated ABC television stations. Because the combined company post-transaction could leverage these programming assets to undermine competition to the detriment of consumers, federal agencies must fully investigate the proposed combination to ensure that it neither violates antitrust laws nor is inconsistent with the public interest.}}
Many European telecommunication companies also expressed concerns about the Disney-Fox deal, considering that [[Sky plc]] and [[Sky UK]] were included in the package, as it serves almost 23 million households across Britain, Ireland, Germany, Austria, and Italy. Disney’s takeover of Sky would be greater than [[RTL Television]], [[Mediaset]], [[ITV (TV network)|ITV]], [[ProSiebenSat.1 Media]], and [[Vivendi]] combined, according to [[Eikon]] estimates, and could allow Sky to expand into new markets and bid more for sports rights and other content. Some felt that Disney-owned Sky UK would be most damaging to its pay-TV competitors since they have invested in content to cross-sell television with mobile services, in a bid to squeeze more out of customers.<ref>{{cite web|last=Proud|first=Liam|title=Disney's Fox Deal May Force European Telecoms to Retreat|url=https://www.nytimes.com/2017/12/14/business/dealbook/disney-fox-europe-telecoms.html|work=New York Times|date=December 14, 2017|accessdate=December 27, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171228000054/https://www.nytimes.com/2017/12/14/business/dealbook/disney-fox-europe-telecoms.html|archivedate=December 28, 2017|df=mdy-all}}</ref> A hedge fund with a small stake in Sky has complained that the Disney-Fox deal could cost minority shareholders in the UK satellite broadcaster a hefty premium unless UK regulators intervene.<ref>{{cite web|last=Fildes|first=Nic|last2=Garrahan|first2=Matthew|title=Fund claims Sky investors could lose out in Disney-Fox deal|url=https://www.ft.com/content/3b4b485c-e1b9-11e7-a8a4-0a1e63a52f9c|work=Financial Times|date=December 17, 2017|accessdate=December 27, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171228054024/https://www.ft.com/content/3b4b485c-e1b9-11e7-a8a4-0a1e63a52f9c|archivedate=December 28, 2017|df=mdy-all}}</ref>
[[Dish Network]] CEO Erik Carlson said blockbuster mergers like the Disney-Fox deal could severely limit the number of content companies providing to their customers. Carlson said on [[CNBC]]'s ''[[Squawk on the Street]]'' that "We really take the position that we think about the customer and the customer first."<ref>{{cite news|last=Castillo|first=Michelle|title=Dish CEO Erik Carlson: 'We have concerns with AT&T and Time Warner' deal|url=https://www.cnbc.com/2018/01/10/dish-ceo-erik-carlson-we-have-concerns-with-att-and-time-warner.html|work=[[CNBC]]|date=January 10, 2018|accessdate=January 10, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180110185954/https://www.cnbc.com/2018/01/10/dish-ceo-erik-carlson-we-have-concerns-with-att-and-time-warner.html|archivedate=January 10, 2018|df=mdy-all}}</ref>
===Entertainment industry===
The [[Writers Guild of America West]], the union that represents writers of films, television, and other media, wrote that:<ref name="KI"/><ref>{{cite web|title=WGAW Opposes Disney-Fox Deal|url=http://www.wga.org/news-events/news/press/2017/wgaw-opposes-disney-fox-deal|work=Writers Guild of America West|date=December 14, 2017|accessdate=January 7, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180108120430/http://www.wga.org/news-events/news/press/2017/wgaw-opposes-disney-fox-deal|archivedate=January 8, 2018|df=mdy-all}}</ref>
{{cquote|In the relentless drive to eliminate competition, big business has an insatiable appetite for consolidation. Disney and Fox have spent decades profiting from the oligopolistic control that the six major media conglomerates have exercised over the entertainment industry, often at the expense of the creators who power their television and film operations. Now, this proposed merger of direct competitors will make matters even worse by substantially increasing the market power of a combined Disney-Fox corporation. The antitrust concerns raised by this deal are obvious and significant. The Writers Guild of America West strongly opposes this merger and will work to ensure our nation’s antitrust laws are enforced.}}
[[Thomas Rothman]], chairman of the [[Sony Pictures Motion Picture Group]], said the Disney-Fox deal was a dangerous proposition: "Consolidation under giant corporate mandates rarely promotes creative risk-taking. And in the long run, it is always a challenge to compete against horizontal monopolistic power."<ref>{{cite news|last=McClintock|first=Pamela|title=Box Office: Get Ready for Hollywood's Shrinking Studio System|url=https://www.hollywoodreporter.com/news/box-office-get-ready-hollywoods-shrinking-studio-system-1071457|work=The Hollywood Reporter|date=January 4, 2018|accessdate=January 4, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20180104172217/https://www.hollywoodreporter.com/news/box-office-get-ready-hollywoods-shrinking-studio-system-1071457|archivedate=January 4, 2018|df=mdy-all}}</ref>
[[James Mangold]], director of Fox's Marvel adaptations ''[[The Wolverine (film)|The Wolverine]]'' and its R-rated sequel ''[[Logan (2017 film)|Logan]]'', expressed concerns that the deal would lead to the extinction of certain films not suitable for the Disney brand or be reshuffled in order to accommodate more Disney blockbusters, thereby limiting the opportunities for certain filmmakers as well as the consumers. Mangold said that “If they’re actually changing their mandate, if what they’re supposed to do alters, that would be sad to me because it just means less movies.”<ref name="HY">{{cite news|last=McClintock|first=Pamela|title='The Shape of Water' Producer Calls Out Disney/Fox Deal in Critics' Choice Awards Speech|url=http://comicbook.com/movies/2018/01/12/the-shape-of-water-critics-choice-awards-disney-fox-deal/|work=ComicBook.com|date=January 11, 2018|accessdate=January 12, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180114020159/http://comicbook.com/movies/2018/01/12/the-shape-of-water-critics-choice-awards-disney-fox-deal/|archivedate=January 14, 2018|df=mdy-all}}</ref>
At the [[Critics' Choice Movie Awards]] on January 11, 2018, producer J. Miles Dale, who accepted the [[Critics' Choice Movie Award for Best Picture]] for ''[[The Shape of Water (film)|The Shape of Water]]'', urged Disney "not to mess" with 20th Century Fox's indie studio [[Fox Searchlight Pictures]], saying, "they're making the kind of movies that we need to make, we want to make, and people need to see."<ref name="HY"/>
Writer [[Marc Guggenheim]], known for his work for the [[Arrowverse]] for [[The CW]], said that "As a writer, I'm not a big fan of these big corporate consolidations. I don't think they're necessarily good for writers, directors, producers, and actors. I also, as an American, don't love these big corporate mergers. I don't think they're necessarily good for the country."<ref>{{cite news|last=Schmidt|first=Joseph|title='X-Men Gold' Writer Reveals His Opinions About Disney/Fox Purchase|url=http://comicbook.com/marvel/2018/01/15/x-men-gold-writer-marc-guggenheim-disney-fox-deal/|work=ComicBook.com|date=January 15, 2018|accessdate=January 15, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180116013157/http://comicbook.com/marvel/2018/01/15/x-men-gold-writer-marc-guggenheim-disney-fox-deal/|archivedate=January 16, 2018|df=mdy-all}}</ref>
The potential acquisition of Fox by Disney caused concern within the entertainment industry that smaller media companies, including [[Viacom]], [[CBS Corporation]], [[Lionsgate]], and [[Metro-Goldwyn-Mayer]], would need to consolidate or be sold in order to remain competitive.<ref>{{cite news|last1=James|first1=Meg|last2=Faughnder|first2=Ryan|title=After the Disney-Fox deal, smaller players like Paramount and MGM face pressure to bulk up|url=http://www.latimes.com/business/hollywood/la-fi-ct-media-consolidation-after-disney-fox-20171220-story.html%3foutputType=amp|accessdate=March 5, 2018|work=Los Angeles Times|date=December 20, 2017}}</ref>
On February 13, 2018, television producer [[Ryan Murphy (writer)|Ryan Murphy]], a long-time collaborator of [[20th Century Fox Television]], signed a five-year $300 million agreement with [[Netflix]], a move considered to be a big blow to Fox and Disney. Murphy cited the Disney-Fox deal as the main reason for departure, arguing that his freedom under Disney might be severely limited in creating new, risk-taking content.<ref>{{cite news|last=Goldberg|first=Lesley|title=Ryan Murphy Leaves 20th TV for Netflix Mega-Deal|url=https://www.hollywoodreporter.com/live-feed/ryan-murphy-leaves-20th-tv-netflix-mega-deal-1084640|work=The Hollywood Reporter|date=February 13, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180214212806/https://www.hollywoodreporter.com/live-feed/ryan-murphy-leaves-20th-tv-netflix-mega-deal-1084640|archivedate=February 14, 2018|df=mdy-all}}</ref>
Jeff Bock of Exhibitor Relations expressed hope that the merger would force creativity in other studios like Paramount, which might focus on smaller budget films knowing that it could not compete with Disney/Fox in making big budget blockbusters.<ref name="CNN">{{cite web|author=Disis, Jill|date=July 17, 2018|title=Disney would dominate the US box office if it buys Fox|work=CNN|accessdate=July 30, 2018|url=https://money.cnn.com/2018/07/11/media/disney-fox-box-office-market-share/index.html}}</ref>
===Politics===
President [[Donald Trump]] praised both companies for the merger, believing it is best for American jobs.<ref>{{cite web|url=https://www.hollywoodreporter.com/news/white-house-trump-congratulated-rupert-murdoch-fox-disney-deal-1067769|title=White House: Trump Congratulated Rupert Murdoch on Fox-Disney Deal|publisher=Hollywood Reporter|first=Patrick|last=Shanley|date=December 14, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215193703/https://www.hollywoodreporter.com/news/white-house-trump-congratulated-rupert-murdoch-fox-disney-deal-1067769|archivedate=December 15, 2017|df=mdy-all}}</ref> However, not all politicians are pleased with the decision. U.S. Rep. [[David Cicilline]] from Rhode Island's first district, the ranking Democrat on the [[United States House Judiciary Subcommittee on Regulatory Reform, Commercial and Antitrust Law|House Antitrust Subcommittee]], expressed concerns over the transaction. He said in a statement that "Disney's proposed purchase of 21st Century Fox threatens to put control of TV, movie, and news content into the hands of a single media giant. If it's approved, this merger could allow Disney to limit what consumers can watch and increase their cable bills," he said. "Disney will gain more than 300 channels, 22 regional sports networks, control over Hulu, and a significant portion of Roku."<ref name="IK"/><ref>{{cite news|url=https://variety.com/2017/biz/news/att-time-warner-richard-leon-1202647584/|title=Judge Urges Parties in AT&T-Time Warner Case to Limit 'Chatter in the Press'|last=Johnson|first=Ted|work=Variety|date=December 21, 2017|accessdate=December 24, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171224102007/http://variety.com/2017/biz/news/att-time-warner-richard-leon-1202647584/|archivedate=December 24, 2017|df=mdy-all}}</ref>
===Other comments===
Richard Greenfield, the BTIG Research analyst, wrote that the combined Disney and Fox assets would have a 39% theatrical market share:<ref name="IK"/>
{{cquote|Disney is already using its box office muscle to bully movie domestic exhibitors, extracting financial terms far beyond their studio peers... Adding Fox, which controls portions of the [[Marvel Comics|Marvel]] universe (''[[X-Men (film series)|X-Men]]'', ''[[Deadpool (film)|Deadpool]]'') and the ''[[Avatar (2009 film)|Avatar]]'' franchise, would enable Disney to gain unprecedented market power.}}
In response to the Disney-Fox deal, Analyst Andy Hargreaves of KeyBanc Capital Markets Inc. downgraded Fox's stock from [[Overweight (stock market)|overweight]] to Sector Weight with no assigned price target. Hargreaves said that although the merger is positive for both companies, it comes with a high antitrust risk due to Disney's potential share of theatrical revenue, its share of domestic cable assets, its strong position in sports, and its power to already force preferential deals with cable, satellite, and theater owners.<ref>{{cite news|last=Aycock|first=Jason|title=KeyBanc downgrades Fox amid high regulatory risk around Disney deal|url=https://seekingalpha.com/news/3318649-keybanc-downgrades-fox-amid-high-regulatory-risk-around-disney-deal|publisher=Seeking Alpha|date=December 15, 2017|accessdate=December 16, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20180201165220/https://seekingalpha.com/news/3318649-keybanc-downgrades-fox-amid-high-regulatory-risk-around-disney-deal|archivedate=February 1, 2018|df=mdy-all}}</ref><ref>{{cite news|last=VanDerWerff|first=Todd|title=Disney acquiring Fox means big, scary things for film and TV|url=https://www.vox.com/culture/2017/12/14/16764472/disney-fox-deal-merger|publisher=Vox|date=December 14, 2017|accessdate=December 16, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171216115829/https://www.vox.com/culture/2017/12/14/16764472/disney-fox-deal-merger|archivedate=December 16, 2017|df=mdy-all}}</ref><ref>{{cite news|last=Derrick|first=Jayson|title=The Disney-Fox Deal: With Great Power Comes Great Regulatory Risk|url=https://www.benzinga.com/analyst-ratings/analyst-color/17/12/10920473/the-disney-fox-deal-with-great-power-comes-great-regula|publisher=Benzinga|date=December 15, 2017|accessdate=December 16, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215213951/https://www.benzinga.com/analyst-ratings/analyst-color/17/12/10920473/the-disney-fox-deal-with-great-power-comes-great-regula|archivedate=December 15, 2017|df=mdy-all}}</ref>
David Balto, an antitrust lawyer and former policy director at the FTC, said that the inclusion of regional sports networks would give Disney greater leverage with cable and satellite distributors: "Any increase in Disney sports programming will be extremely problematic and will get intense scrutiny".<ref name="KI">{{cite news|last1=James|first1=Meg|last2=Peltz|first2=James F.|title=Massive Disney-Fox deal expected to get close antitrust scrutiny|url=http://beta.latimes.com/business/hollywood/la-fi-ct-disney-fox-regulatory-concerns-20171214-story.html|work=Los Angeles Times|date=December 14, 2017|accessdate=December 15, 2017}}</ref>
John Simpson of the activist group [[Consumer Watchdog]] said that the deal "would give far too much monopolistic power to Disney, which is known for [[Cut throat competition|cutthroat, hardball tactics]]", and "can only mean higher prices and less choice for consumers."<ref>{{cite web|url=https://www.channelstv.com/2017/12/17/disney-fox-deal-puts-antitrust-enforcers-in-bind-over-trump-ally/|title=Disney-Fox Deal Puts Antitrust Enforcers In Bind Over Trump Ally|work=ChannelsTV|date=December 17, 2017|accessdate=December 23, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171222052924/https://www.channelstv.com/2017/12/17/disney-fox-deal-puts-antitrust-enforcers-in-bind-over-trump-ally/|archivedate=December 22, 2017|df=mdy-all}}</ref>
Barton Crockett, a media analyst at B. Riley FBR, said that “Disney is becoming the [[Walmart|Wal-Mart]] of Hollywood: huge and dominant. That’s going to have a big influence up and down the supply chain.”<ref>{{cite news|url=https://www.bloomberg.com/news/articles/2017-12-21/movie-theaters-were-already-in-trouble-with-disney-s-fox-deal-it-s-double|title=Movie Theaters Were Already in Trouble. With Disney's Fox Deal, It's Double|last=Smith|first=Gerry|work=Bloomberg|date=December 21, 2017|accessdate=December 23, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171223191140/https://www.bloomberg.com/news/articles/2017-12-21/movie-theaters-were-already-in-trouble-with-disney-s-fox-deal-it-s-double|archivedate=December 23, 2017|df=mdy-all}}</ref>
Ian Bezek, contributor to ''InvestorPlace'', questioned the underlying rationale for the merger, asking why Disney needed to acquire Fox's film production and cable sports business for such a "high price", given Disney's already healthy positions in both businesses:
{{cquote|Put another way, Disney is paying $66 billion, including the assumption of $13 billion in debt, to add more sports channels and film production to its already powerful place in both areas.
Given the problems at ESPN, some would say this is doubling down on a struggling division. In any case, this deal significantly weakens the argument that Disney is a diversified powerhouse, as it will rely much more on just a couple revenue streams for the majority of its profits post-deal.<ref>{{cite news|url=https://investorplace.com/2018/02/dis-stock-pros-merger/|title=3 Pros, 3 Cons on Walt Disney Co Stock as the Fox Merger Looms|last=Bezek|first=Ian|work=InvestorPlace|date=February 22, 2018|deadurl=no|archiveurl=https://web.archive.org/web/20180223075253/https://investorplace.com/2018/02/dis-stock-pros-merger/|archivedate=February 23, 2018|df=mdy-all}}</ref>}}
Jonathan Barnett, law professor at the University of Southern California [[Gould School of Law]] states that when considering streaming services under the same markets as theaters, worries about Disney's control "would be substantially diminished".<ref name="CNN"/>
==Assets==
===Assets to be acquired by Disney===
Included in the deal are the majority of [[21st Century Fox]]'s entertainment and international assets.<ref name="Disney-Fox">{{cite press release|title=The Walt Disney Company To Acquire Twenty-First Century Fox, Inc., After Spinoff Of Certain Businesses, For $52.4 Billion In Stock|url=https://thewaltdisneycompany.com/walt-disney-company-acquire-twenty-first-century-fox-inc-spinoff-certain-businesses-52-4-billion-stock-2/|work=[[The Walt Disney Company]]|date=December 14, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171214141817/https://thewaltdisneycompany.com/walt-disney-company-acquire-twenty-first-century-fox-inc-spinoff-certain-businesses-52-4-billion-stock-2/|archivedate=December 14, 2017|df=mdy-all}}</ref> These include:
<!-- DO NOT ADD ANY MORE INTO THE LIST WITHOUT A RELIABLE SOURCE -->
* [[Fox Entertainment Group]]
**[[20th Century Fox]]<ref name=":2" />
*** [[Fox Searchlight Pictures]]<ref name="Marotta">{{Cite news|url=http://www.indiewire.com/2017/12/disney-buys-fox-what-happens-to-21st-century-fox-stacey-snider-fox-searchlight-x-men-1201907449/|title=Disney's Buy: What Happens to 21st Century Fox's Leadership, Fox Searchlight, and 'X-Men'?|last=Marotta|first=Jenna|last2=Thompson|first2=Anne|work=IndieWire|date=December 14, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215001321/http://www.indiewire.com/2017/12/disney-buys-fox-what-happens-to-21st-century-fox-stacey-snider-fox-searchlight-x-men-1201907449/|archivedate=December 15, 2017|df=mdy-all}}</ref>
*** [[20th Century Fox Television]]<ref name=":1" /><ref name=":3">{{Cite news|url=https://www.nytimes.com/2017/12/14/business/media/disney-fox-espn-tv.html|title=What Disney Is Getting From Fox|last=Barnes|first=Brooke|last2=Hsu|first2=Tiffany|work=The New York Times|publisher=The New York Times Company|date=December 14, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215012047/https://www.nytimes.com/2017/12/14/business/media/disney-fox-espn-tv.html|archivedate=December 15, 2017|df=mdy-all}}</ref>
*** [[Blue Sky Studios]]<ref name="Marotta"/><ref>{{cite web|last=Giardina|first=Carolyn|title=Disney Deal Could Redraw Fox's Animation Business|url=https://www.hollywoodreporter.com/news/disney-deal-could-redraw-foxs-animation-business-1068040|work=The Hollywood Reporter|accessdate=December 15, 2017|date=December 14, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215024247/https://www.hollywoodreporter.com/news/disney-deal-could-redraw-foxs-animation-business-1068040|archivedate=December 15, 2017|df=mdy-all}}</ref>
** [[Fox Networks Group|Fox Networks Group International]]<ref>{{Cite news|url=https://www.thewaltdisneycompany.com/the-walt-disney-company-signs-amended-acquisition-agreement-to-acquire-twenty-first-century-fox-inc-for-71-3-billion-in-cash-and-stock/|title=The Walt Disney Company Signs Amended Acquisition Agreement To Acquire Twenty-First Century Fox, Inc., For $71.3 Billion In Cash And Stock - The Walt Disney Company|date=2018-06-20|work=The Walt Disney Company|access-date=2018-08-01|language=en-US}}</ref>
** [[FX (TV channel)|FX Networks]]<ref name=":2" />
* [[National Geographic Society#National Geographic Partners Joint Venture|National Geographic Partners]] (73%)<ref name=":3" />
* [[Star TV (Asian TV networks)|Star TV]]<ref name=":3" />
* [[Sky plc]] (39.14%)<ref>{{Cite news|url=https://www.bbc.co.uk/news/business-42353545|title=Walt Disney buys Murdoch's Fox for $52bn|date=December 14, 2017|work=BBC News|accessdate=February 14, 2018|language=en-GB|deadurl=no|archiveurl=https://web.archive.org/web/20180201114948/http://www.bbc.co.uk/news/business-42353545|archivedate=February 1, 2018|df=mdy-all}}</ref><ref name="Disney-Fox" />
* [[Hulu]] (United States) (30% -- Disney currently owns 30%; after the merger, Disney will own 60%)<ref name=":2" />
===Assets to be spun off to "New Fox"===
Fox's broadcast, news and sports businesses will not be included in the deal and will be spun off into a new independent company to be owned by current 21st Century Fox shareholders (tentatively known as "New Fox").<ref name=":1">{{cite web|last=Nolter|first=Chris|title=Disney Acquires Most of Fox's Assets in Blockbuster $52.4 Billion Stock Deal|url=https://www.thestreet.com/story/14420470/1/disney-acquires-fox-assets-blockbuster-deal.html|work=[[TheStreet.com]]|date=December 14, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215000518/https://www.thestreet.com/story/14420470/1/disney-acquires-fox-assets-blockbuster-deal.html|archivedate=December 15, 2017|df=mdy-all}}</ref><ref>{{cite web|url=http://www.indiewire.com/2018/05/new-fox-fall-2018-last-man-standing-mainstream-1201963679/|title='New Fox' Takes Shape as Football, Mainstream Comedy, and Procedural Dramas Take Over|last=Schneider|first=Michael|work=IndieWire|date=May 12, 2018|accessdate=May 12, 2018}}</ref> They include:
<!-- DO NOT ADD ANY MORE INTO THE LIST WITHOUT A RELIABLE SOURCE -->
* [[Fox Broadcasting Company]]<ref name=":1" />
* [[MyNetworkTV]]<ref name=":1" />
* [[Movies!]] (50%)<ref name=":1" />
* [[Fox Television Stations]] Group<ref name=":1" />
* Fox News Group
** [[Fox News|Fox News Channel]]<ref name=":1" />
** [[Fox Business Network]]<ref name=":1" />
* [[Fox Sports (United States)|Fox Sports]]:
** [[Big Ten Network]] (51% owned in joint venture with [[Big Ten Conference]])<ref name=":4">{{Cite news|url=https://deadspin.com/what-disneys-acquisition-of-21st-century-fox-means-for-1821311525|title=What Disney's Acquisition Of 21st Century Fox Means For Sports Fans|last=Burke|first=Timothy|work=Deadspin|publisher=Univision Communications|date=December 14, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171215045758/https://deadspin.com/what-disneys-acquisition-of-21st-century-fox-means-for-1821311525|archivedate=December 15, 2017|df=mdy-all}}</ref>
** [[Fox Deportes]]<ref name=":4" />
** [[Fox Sports 1|FS1]]<ref name=":4" />
** [[Fox Sports 2|FS2]]<ref name=":4" />
** [[Fox Soccer Plus]]<ref name=":4" />
** [[Fox College Sports]]<ref name=":4" />
** [[Fox Sports International]]<ref name=":4" />
* The [[20th Century Fox]] studio lot (although it will be leased by Disney)<ref>{{cite web|url=https://www.yahoo.com/entertainment/fox-studio-lot-staying-murdoch-223945770.html|title=Fox Studio Lot Likely Staying in The Murdoch Fold Post-Disney Deal|last=Hayes|first=Dade|last2=Busch|first2=Anita|last3=Robb|first3=David|work=Yahoo!|publisher=Oath Inc.|date=December 13, 2017|accessdate=December 15, 2017|deadurl=no|archiveurl=https://web.archive.org/web/20171214160410/https://www.yahoo.com/entertainment/fox-studio-lot-staying-murdoch-223945770.html|archivedate=December 14, 2017|df=mdy-all}}</ref>
===Assets to be sold to third party===
Assets that would be acquired by Disney, but under agreement with the Justice Department are to be sold to third parties:
* [[Fox Sports Networks]], regional sports networks<ref name=cnbc/>
===Other assets===
Assets that are not directly part of the contract, but are related to it:
* Rest of [[Sky plc]] (60.86%) - pending acquisition by 21st Century Fox or Comcast<ref name="auto1"/><ref name="auto2"/>
* [[Endemol Shine Group]] (50%)<ref name=":2" /> - Fox and [[Apollo Global Management]] have considered divesting Endemol Shine to a third party for nearly $4 billion.<ref>{{cite web|url=https://www.cnbc.com/2018/06/19/endemol-shine-part-owned-by-fox-has-hired-banks-to-seek-a-sale.html|title=The TV company behind 'Black Mirror,' part-owned by Fox, has hired banks for a sale|last=Sherman|first=Alex|work=CNBC|date=June 19, 2018|accessdate=July 31, 2018}}</ref> Several suitors have expressed interest in acquiring Endemol Shine, including [[Sony Pictures Entertainment]], [[Lionsgate]],<ref>{{cite web|url=https://variety.com/2018/tv/news/endemol-shine-sale-fox-apollo-sony-pictures-lionsgate-1202867070|title=Endemol Shine Sale Process Heats Up With Sony Pictures Entertainment, Lionsgate Among Early Suitors|last=Littleton|first=Cynthia|work=[[Variety (magazine)|Variety]]|date=July 6, 2018|accessdate=July 31, 2018}}</ref> [[ITV plc]],<ref>{{cite web|url=https://deadline.com/2018/04/itv-endemol-shine-group-acquisition-merger-speculation-miptv-1202361506/|title=ITV Eyes Acquisition Of Endemol Shine Group As Suitors Begin To Line Up For ‘Big Brother’ Superindie – MipTV|last=White|first=Peter|work=Deadline Hollywood|date=April 10, 2018|accessdate=July 31, 2018}}</ref> [[FremantleMedia]], [[Banijay Group]] and [[All3Media]].<ref>{{cite web|url=https://www.hollywoodreporter.com/news/indie-giants-circle-endemol-shine-as-bidding-heats-up-1125407|title=Indie Giants Circle Endemol Shine as Bidding Heats Up|last=Szalai|first=Georg|last2=Roxborough|first2=Scott|work=The Hollywood Reporter|date=July 7, 2018|accessdate=July 31, 2018}}</ref>
* [[YES Network]] (80%) - Fox has invoked a clause to give the [[Yankee Global Enterprises]] the rights to buy their stake back following the acquisition from Disney.<ref name=YESNetFoxstake/>
==References==
{{Reflist}}
{{21st Century Fox}}
{{Disney}}
[[Category:The Walt Disney Company]]
[[Category:21st Century Fox]]' |
