Recently, we have heard rumors and speculation about Disney (DIS) buying parts of 21st Century Fox (FOXA). Well, last Thursday morning, those rumors became a reality. Disney announced that they would be acquiring the majority of 21st Century Fox, including FX, Sky, National Geographic, and Fox’s film studios. Disney will not be buying Fox News.
The deal, valued at $66.1 billion, would help Disney create their own streaming service, something they had announced in their last quarterly announcement. Both Disney and Fox investors were happy with the deal, as both company’s stocks jumped on the news. It is still unknown whether or not the deal will be allowed by the government, but Trump has congratulated Rupert Murdoch, CEO of Fox, and said that it will create jobs. Contrary to Trump’s statement, it is estimated that the deal would cause a loss of 5,000-10,000 jobs. Author Holden Casey owns stock in Disney.