According to multiple sources, The Walt Disney Company announced that the acquisition of Twenty-First Century Fox will close on Wednesday, March 20, 2019.
Walt Disney chairman and CEO Bob Iger told The Hollywood Reporter that he expects “the acquisition to become effective at 12:02 a.m. Eastern Time on March 20.”
At Disney’s annual shareholder meeting last week, Iger had stated that he expected the merger to close soon but didn’t give any actual date – with some pundits suggesting that regulators in Mexico hadn’t given the green light to hit the previously thought closing date of March 8, 2019. Iger’s new statement to the media suggests that everything’s finally wrapping up.
To recap the nearly two-year deal, Disney will acquire Fox for $71.3 billion. The merger will consist of the film and TV studios, regional sports networks, FX, National Geographic, a majority stake in Hulu, and more.
Fox shareholders will receive a mix of cash and stock valued at $38 a share in the Disney deal. Fox is expected to distribute all outstanding shares of a new entity – Fox Corporation – common stock to Fox stockholders on Tuesday, March 19, 2019. The new Fox Corporation will consist of the company’s news division and national sports network FS1.