On July 12, the Department of Justice filed a notice of appeal with the D. Analysts said the chances of the DOJ win are small, but would be the "final nail in the coffin for Comcast's Fox chase. This is a clear gift to Disney. 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 19, Comcast officially announced it was dropping its bid on the Fox assets in order to focus on its bid for Sky.
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 September 17, the European Commission scheduled a merger review for October 19, which was later postponed to November 6. On October 5, Disney announced the commencement of exchange offers and consent solicitations for 21st Century Fox. On October 10, it was reported that the new, post-merger organizational structure of " New Fox " would be implemented by January 1, , ahead of the closure of the Disney sale which is still expected to occur during the first half of On October 15, Disney offered a list of concessions to the European Commission , which extended the review deadline to November 6.
On November 19, China's regulators approved the Disney—Fox deal, without any conditions. CADE recommended remedial measures.
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Securities and Exchange Commission. On January 11, it was reported that the deal is expected to close by either February or March However, a decision on the deal still could not be reached. The two countries are among the last major hurdles for the Disney—Fox deal. The regulator said it coordinated with regulators in Mexico and Chile in evaluating the transaction. Brazil's approval clears one of the final hurdles, allowing the deal to be completed in March. Mexico's telecom regulator, Federal Telecommunications Institute IFT , approved the deal on March 11, under the condition that Disney and Fox agree to sell Fox Sports in the country within six months.
This cleared the last major holdout on the deal. Fox Corporation officially became a standalone, publicly traded company, separate from 21st Century Fox, on March 19, making Fox Corporation the owner of the assets that were not acquired by Disney. The announcement also included appointment of the board of directors.
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Watts who currently serves as Vice Chairman and President of production at 20th Century Fox will continue in that post. On December 13, , Disney announced a new organizational structure for its international operations and the individuals who would join the company, including Jan Koeoppen and Uday Shankar. It was reported on March 21, that Disney would shut down the Fox Pictures studio in , following the release of The Woman in the Window.
The top executives given two to six months notice of being laid off include 20th Century Fox film president of domestic distribution Chris Aronson, president of worldwide marketing Pamela Levine, co-president of marketing Kevin Campbell, chief content officer Tony Sella, international distribution president Andrew Cripps, executive vice president of corporate communications Dan Berger, executive vice president of legal affairs and executive vice president of Fox Stage productions Bob Cohen and executive vice president of publicity Heather Phillips, 20th Television president Greg Meidel and Fox Consumer Products boss Jim Fielding.
Debmar-Mercury announced on April 3 that it would end its national ad sales partnership with 20th Television, and that they will transfer their national ad sales for their first-run and off-network shows by the company to CBS Television Distribution Media Sales.
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However, Tyler Perry's Meet the Browns will continue to be handled by Disney for ad sales even after CTD takes over the national ad sales for the company's shows. Disney announced on April 24, that it had canceled a number of upcoming Fox films such as Mouse Guard , [88] News of the World whose rights were then picked up by Universal Pictures , [89] and an adaptation of Angie Thomas' On the Come Up whose rights were then moved to Paramount Players , [90] and that some projects, such as the Kingsman prequel The Great Game , Fear Street , and Steven Spielberg's remake of West Side Story , were still in production.
All the Fox Marvel films previously scheduled for release after were removed from the schedule. Avatar 2 was rescheduled from to a Christmas release, after which Avatar sequels will be released every other Christmas holiday release, alternating with Star Wars sequels through Following the acquisition, Disney reorganized its television division to align various operations.
On August 7, , Disney announced that they would overhaul Fox film projects in development except Avatar , Planet of the Apes and Kingsman sequels due to Dark Phoenix causing a third-quarter loss. On September 10, , Disney announced their plans to sell video game division FoxNext , preferring to license its properties for video games rather than develop them. Despite Disney passing antitrust approval from regulators in every country, [ citation needed ] critics of Disney's purchase expressed a significant amount of antitrust concerns.
The deal is a horizontal merger i. As such, horizontal mergers are more disapproved than vertical mergers, as they affect a more tangible reduction in competition. As both Disney and Fox produce films and television series, the deal would reduce the number of major film studios in Hollywood from six to five. Opponents 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.
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 said, "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.
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: []. As an example, on November 3, , 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. 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. It really scares me to watch them get even more power.
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Unlike other studios, Disney has a reputation for strict conditions being forced upon theater owners for its films, such as Avengers: Age of Ultron and Star Wars: The Last Jedi. For many, the deal would give Disney the unprecedented market power in the industry. 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.
Disney holds all the cards, and we have to play by their rules. Smaller cinemas are just left in the dust. 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.
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". Little Theatre , a local theater chain in Rochester, New York , was forced to cancel their August 5 screening of Fight Club after Disney notified the theater that it was not allowed to screen the film in the future.
Polka lambasted the deal and called on federal regulators to "fully investigate" the merger. He was concerned about his smaller subscription television 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: [] [].
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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. Some felt that Disney-owned Sky UK would be most damaging to its pay-TV competitors since it has invested in content to cross-sell television with mobile services, in a bid to squeeze more out of customers.
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. The Writers Guild of America West , the union that represents writers of films, television, and other media, wrote that: [] []. Tom Rothman , chairman of the Sony Pictures Motion Picture Group and former co-chairman of Fox Filmed Entertainment , said the Disney—Fox deal was a dangerous proposition: "Consolidation under giant corporate mandates rarely promotes creative risk-taking.
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And in the long run, it is always a challenge to compete against horizontal monopolistic power. James Mangold , director of Fox's Marvel adaptations The Wolverine and its R-rated sequel Logan , expressed concerns that the deal might lead to the approval of a similar film that may have more limited appeal than a conventional Marvel blockbuster, 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.
Miles Dale, who accepted the Critics' Choice Movie Award for Best Picture for 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. 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.
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I also, as an American, don't love these big corporate mergers. I don't think they're necessarily good for the country. 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. 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.
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 Walt Disney after the Fox acquisition in making big-budget blockbusters. Viacom CEO Bob Bakish has stated that the Disney—Fox deal provides a "very real opportunity" to hire new executive and creative talent at Paramount and other studios amid the "dislocation associated with change of ownership" at Disney and Fox.
Bakish also suggested that Viacom and other companies can provide new content for streaming services such as Netflix once Disney removes their content from the service in President Donald Trump praised both companies for the merger, believing it is best for American jobs. He said in a statement that "Disney's proposed purchase of 21st Century Fox threatens to put control of even more television, movie, and news content into the hands of a single media giant.