The Walt Disney Co. has closed its $71.3 billion acquisition of large parts of 21st Century Fox, expanding its global reach and content portfolio ahead of the planned launch of its own video streaming service.
Using fiscal-year 2017 data, Disney said in a regulatory filing that the new assets could quickly add about $19.3 billion in annual revenue and $1.6 billion in net income.
In that fiscal year, Disney reported $55.1 billion in revenue and $9.4 billion in net income.
Disney has promised $2 billion in cost savings from the Fox takeover, with some in the industry expecting between 4,000-10,000 layoffs.
Disney had in December 2017 struck a deal with Fox, controlled by the Murdoch family, for $52.4 billion.
Comcast in June 2018 unveiled a $65.0 billion offer for the Fox assets before Disney shot back with a sweetened $71.3 billion offer that led Comcast to end its pursuit of Fox.
The new Fox, led by Lachlan Murdoch as CEO and chairman and Rupert Murdoch as co-chairman, includes the Fox broadcast network, TV stations, the Fox News group and the Fox Sports assets. »