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    Disney Wraps $71B Deal For Fox Entertainment Assets

    By SHOOTUpdated:No Comments3308 Views
    Cars enter and leave Fox Studios, Tuesday, March 19, 2019, in Los Angeles. Disney has closed its $71 billion acquisition of Fox’s entertainment business on Wednesday, March 20, in a move set to shake up the media landscape. The closure paves the way for Disney to launch its streaming service, Disney Plus, due out later this year. (AP Photo/Chris Pizzello)

    By Mae Anderson, Technology Writer

    LOS ANGELES (AP) --

    Disney has closed its $71 billion acquisition of Fox's entertainment business, putting "Cinderella," ''The Simpsons," ''Star Wars" and "Dr. Strange" under one corporate roof.

    The deal is likely to shake up the media landscape. Among other things, it paves the way for Disney to launch its streaming service, Disney Plus, due out later this year. It will also likely lead to layoffs in the thousands, thanks to duplication in Fox and Disney film-production staff.

    By buying the studios behind "The Simpsons" and X-Men, Disney aims to better compete with technology companies such as Amazon and Netflix for viewers' attention – and dollars.

    Disney needs compelling TV shows and movies to persuade viewers to sign up and pay for yet another streaming service. It already has classic Disney cartoons, "Star Wars," Pixar, the Muppets and some of the Marvel characters. With Fox, Disney could add Marvel's X-Men and Deadpool, along with programs shown on such Fox channels as FX Networks and National Geographic. Fox's productions also include "The Americans," ''This Is Us" and "Modern Family."

    The deal helps Disney further control TV shows and movies from start to finish – from creating the programs to distributing them though television channels, movie theaters, streaming services and other ways people watch entertainment. Disney would get valuable data on customers and their entertainment-viewing habits, which it can then use to sell advertising.

    Disney CEO Bob Iger said in an earnings call in February that Disney Plus and other direct-to-consumer businesses are Disney's "No. 1 priority."

    Cable and telecom companies have been buying the companies that make TV shows and movies to compete in a changing media landscape. Although internet providers like AT&T and Comcast directly control their customers' access to the internet in a way that Amazon, YouTube and Netflix do not, they still face threats as those streaming services gain in popularity.

    AT&T bought Time Warner last year for $81 billion and has already launched its own streaming service, Watch TV, with Time Warner channels such as TBS and TNT, among other networks, for $15 a month.

    In addition to boosting the Disney streaming service, expected to debut next year, the deal paves the way for Marvel's X-Men and the Avengers to reunite in future movies. Though Disney owns Marvel Studios, some characters including the X-Men had already been licensed to Fox.

    Disney also gets a controlling stake in the existing streaming service Hulu, which it plans to keep operating as a home for more general programming. Family-friendly shows and movies will head to Disney Plus.

    No pricing has been disclosed for Disney Plus. The streaming service will feature five categories of material: Disney, Pixar, Marvel, Star Wars and National Geographic. Disney charges $5 a month for ESPN Plus, a service that offers programming distinct from the ESPN cable channel.

    Meanwhile, Fox Corp. — the parts of 21st Century Fox that are not part of the deal, including Fox News, Fox Sports and Fox Broadcasting — started trading on the Nasdaq under the "FOX" and "FOXA" tickers on Tuesday.

    Category:News
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    The End of The “Rust” Criminal Case Against Alec Baldwin May Unlock A Civil Lawsuit

    Tuesday, December 24, 2024

    The conclusion of a criminal case against Alec Baldwin in the fatal shooting of a cinematographer clears the way for a related civil lawsuit by relatives of the deceased woman and efforts to depose the actor under oath, attorneys for plaintiffs in the civil suit said Tuesday.

    At a news conference in Los Angeles, victims' rights attorney Gloria Allred said that the parents and younger sister of deceased cinematographer Halyna Hutchins were disappointed that prosecutors won't appeal the dismissal of an involuntary manslaughter charge against Baldwin. The criminal charge against Baldwin was dismissed halfway through trial in July on allegations that police and prosecutors withheld evidence from the defense.

    Hutchins died shortly after being wounded during a rehearsal in the movie "Rust" in October 2021 at a film-set ranch on the outskirts of Santa Fe, New Mexico.

    Baldwin, the lead actor and coproducer, was pointing a pistol at Hutchins when it discharged, killing Hutchins and wounding director Joel Souza. Baldwin has said he pulled back the hammer — but not the trigger — and the revolver fired.

    Allred said Hutchins' relatives are determined to pursue damages and compensation from Baldwin and "Rust" producers in New Mexico civil court, and want Baldwin to answer questions under oath in the proceedings. Hutchins' widower and son previously reached a separate legal settlement.

    "With the withdrawal that was made public yesterday, we are now able to proceed with our civil case," Allred said. "Clearly, the rights of Alec Baldwin were protected, but the due process rights of the victims — Halyna Hutchins and her parents and her sister — were violated."

    Allred said she's ready to prove that Hutchins had a close relationship... Read More

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