20th Century Fox is an American movie studio. Fox was the distributor behind the Die Hard franchise.
The company was founded on May 31, 1935, as the result of the merger of Fox Film Corporation, founded by William Fox in 1915, and Twentieth Century Pictures, founded in 1933 by Darryl F. Zanuck, Joseph Schenck, Raymond Griffith and William Goetz.
20th Century Fox is a member of the Motion Picture Association of America (MPAA).
Purchase of copyrights by DisneyEdit
On May 7, 2018, shares of Fox rose 5.1% when a report was released that Comcast was in talks with investment banks and firms in order to obtain bridge-financing for an all-cash bid, reportedly worth $60 billion, that threatened the Disney-Fox deal.
On May 29, it was reported that Disney was looking into making its own all-cash counter-offer for Fox assets in the event that Comcast went through with their offer. The next day, Disney and Fox announced that they have set their shareholder vote meetings for July 10, though both companies have stated that Fox's meeting could be postponed if Comcast came through with their offer.
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. Two days later, Time Warner was renamed WarnerMedia.
On June 18, it was reported that Disney will add to its already existing $52 billion claim to contest Comcast's proposed counteroffer for the Fox assets.
On June 20, 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.
On June 21, 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 needed to be voted on by shareholders. 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."
On July 9, a Fox shareholder filed a lawsuit to stop the acquisition from Disney citing the absence of financial projections for Hulu. 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.
On July 12, the Department of Justice (DOJ) filed a notice of appeal with the D.C. Circuit to reverse the District Court's approval for AT&T's acquisition of Time Warner (now WarnerMedia). Although analysts say that the chances of a 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." 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."
On July 13, 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.
On July 16, CNBC reported that Comcast is unlikely to continue its bidding war to acquire Fox from Disney in favor of Sky.
On July 19, Comcast officially announced that it was dropping its bid on the Fox assets in order to focus on their 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."
On July 27, Disney and Fox shareholders approved Disney's purchase of Fox's entertainment assets. The acquisition's completions should be in the first half of 2019. On the same day, Bloomberg News 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 the USA resulted in the merger between Qualcomm and NXP not being realized.
On October 5, Disney announced the commencement of exchange offers and consent solicitations for 21st Century Fox.
On October 8, Disney announced that 21st Century Fox's top television executives would join the company, including Peter Rice, Gary Knell, John Landgraf, and Dana Walden. Rice will serve as Chairman of Walt Disney Television and co-chair of Disney Media Networks, succeeding Ben Sherwood while Walden is to be named Chairman of Disney Television Studios and ABC Entertainment.
On October 10, it was reported that the new, post-merger organizational structure of "New Fox" would be implemented by January 1, 2019, ahead of the closure of the Disney sale (which is still expected to occur during the first half of 2019).
On October 15, Disney offered a list of concessions to the European Commission, which extended the review deadline to November 6.
On November 6, the sale was cleared by the European Commission, pursuant to the divestment of certain factual television networks in Europe owned by the Disney/Hearst joint venture A&E Networks, including Blaze, Crime & Investigation, History, H2, and Lifetime. Disney will continue to be a 50 percent owner of A&E in areas outside of the European Economic Area.
On November 19, 2018, China's regulators approved the Disney-Fox deal, without any conditions.
After obtaining approval from Chinese regulators, Disney reported that it still needed to obtain regulatory approval from several other regulators, though the approvals from the United States, India, European Union, and China were considered the most important hurdles to clear.
On November 21, 2018, Disney expected to get approval from Brazil's antitrust division, the Administrative Council for Economic Defense (CADE), within two weeks. The Brazilian Tribunal has its last session of 2018 scheduled for December 5, and doesn't reconvene again until January 2019. A successful decision could be appealed by third parties, and CADE has until March 18 to issue an initial decision on the deal.
- ↑ Disney to Acquire Lucasfilm Ltd., The Walt Disney Company, October 30, 2012
- ↑ Walt Disney Company To Acquire Twenty-First Century Fox Inc., After Spin-Off Of Certain Businesses, For $52.4 Billion In Stock, The Walt Disney Company, December 14, 2017
- ↑ Fox Jumps on Report That Comcast Is Considering Counterbid to Disney, Bloomberg, May 7, 2018
- ↑ Disney rounding up cash to fight off Comcast's rival bid for Fox, Fierce Cable, May 29, 2018
- ↑ Fox And Disney Set Shareholder Meetings For Vote On Merger, Deadline Hollywood, May 30, 2018
- ↑ Decisive AT&T Victory Sets Stage for Comcast to Challenge Disney for 21st Century Fox Assets, Variety, June 12, 2018
- ↑ Comcast makes $65 billion offer to steal 21st Century Fox away from Disney, The Verge, June 13, 2018
- ↑ Disney is expected to add cash to its bid for Twenty-First Century Fox assets, CNBC, June 18, 2018
- ↑ Disney Sweetens Offer for Fox to $71 Billion, Outbidding Comcast, Bloomberg, June 20, 2018
- ↑ 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, June 20, 2018
- ↑ Fox agrees to Disney's new $71.3 billion offer, rejecting Comcast, CNET, June 20, 2018
- ↑ Disney's Bob Iger On Need For Fox Deal: "The Consumer Is Voting — Loudly", Deadline Hollywood, June 20, 2018
- ↑ Disney wins US antitrust approval to buy Fox assets, CNBC, June 27, 2018
- ↑ Fox Shareholder Sues to Stop Disney Acquisition, The Hollywood Reporter, July 9, 2018
- ↑ Fox Shareholder Lawsuit Targets Alleged Flaws in Disney Deal Prospectus, Deadline Hollywood, July 9, 2018
- ↑ Comcast lining up buyers for Fox sports assets, sources say, CNBC, July 9, 2018
- ↑ 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, CNBC, July 13, 2018
- ↑ DOJ challenge to AT&T-Time Warner deal could affect Disney and Comcast's bidding war for Fox, says AT&T's Stephenson, CNBC, July 13, 2018
- ↑ Disney's $71 Billion Fox Bid Wins Backing From ISS, Glass Lewis, Bloomberg, July 13, 2018
- ↑ Comcast unlikely to raise Fox bid; focused on Sky: Sources, CNBC, July 16, 2018
- ↑ Comcast gives up on buying 21st Century Fox assets and leaves Disney as the winner, The Verge, July 19, 2018
- ↑ TCI Votes in Favor of Disney's Offer for Fox's Assets, Bloomberg, July 25, 2018
- ↑ Fox and Disney Shareholders Vote to Approve $71.3 Billion Merger, The Wrap, July 27, 2018
- ↑ Disney Investors Worry Beijing Could Be Tricky Fox Deal Hurdle, Bloomberg, July 27, 2018
- ↑ Viacom wants to License its TV Ads Targeting Tech to the Entire Industry and its Starting with Fox, Business Insider, August 9, 2018
- ↑ Fox-Disney deal: CCI approves takeover of Murdoch's company in India, Smart Investor, August 12, 2018
- ↑ EU regulators to rule on Disney's $71 billion bid for Fox assets by October 19, Reuters, September 17, 2018
- ↑ The Walt Disney Company Announces Commencement of Exchange Offers and Consent Solicitations for 21st Century Fox America, Inc. Notes, The Walt Disney Company, October 5, 2018
- ↑ Disney Unveils Top TV Executive Structure Post Fox Acquisition: Peter Rice, Dana Walden, John Landgraf, Gary Knell Joining, Deadline Hollywood, October 8, 2018
- ↑ Fox Will Be Ready to Close Disney Deal Jan. 1, Says Peter Rice (EXCLUSIVE), Variety, October 10, 2018
- ↑ Disney Offers Concessions to Secure E.U. Approval of Fox Deal, Variety, October 15, 2018
- ↑ The Walt Disney Company Announces Additions to Its Studio Entertainment Management Team, Conditional Upon Closing of 21st Century Fox Acquisition, The Walt Disney Company, October 18, 2018
- ↑ Disney's Fox Deal Gets European Union Clearance Subject to Divestments, The Hollywood Reporter, November 6, 2018
- ↑ Disney gets approval from China for its Fox acquisition, sending shares of both companies up, CNBC, November 19, 2018
- ↑ Disney gets approval from China for Fox purchase, CNN, November 19, 2018
- ↑ MLex: Disney/Fox could get Brazil deal OK in two weeks, Seeking Alpha, November 21, 2018