Disney compra Twenty-First Century Fox por 52.400 millones de dólares

December 14, 2017
The Walt Disney Company To Acquire Twenty-First Century Fox, Inc., After Spinoff Of Certain Businesses, For $52.4 Billion In Stock

21st Century Fox to spin off Fox Broadcasting network and stations, Fox News, Fox Business, FS1, FS2 and Big Ten Network to its shareholders

* Acquisition complements and enhances The Walt Disney Company’s ability to provide consumers around the world with more appealing content and entertainment options
* Transaction to include 21st Century Fox’s film and television studios, cable entertainment networks and international TV businesses
* Popular entertainment properties including X-Men, Avatar, The Simpsons, FX Networks and National Geographic to join Disney’s portfolio
* Expands Disney’s direct-to-consumer offerings with addition of 21st Century Fox’s entertainment content, capabilities in the Americas, Europe and Asia; Hulu stake becomes a controlling interest
* Addition of extensive international properties, including Star in India and Fox’s 39% ownership of Sky across Europe, enhances Disney’s position as a truly global entertainment company with world-class offerings in key regions
* Robert A. Iger to remain Chairman and CEO of The Walt Disney Company through 2021

The Walt Disney Company and Twenty-First Century Fox, Inc. (21st Century Fox) today announced that they have entered into a definitive agreement for Disney to acquire 21st Century Fox, including the Twentieth Century Fox Film and Television studios, along with cable and international TV businesses, for approximately $52.4 billion in stock (subject to adjustment). Building on Disney’s commitment to deliver the highest quality branded entertainment, the acquisition of these complementary assets would allow Disney to create more appealing content, build more direct relationships with consumers around the world and deliver a more compelling entertainment experience to consumers wherever and however they choose. Immediately prior to the acquisition, 21st Century Fox will separate the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company that will be spun off to its shareholders.

Under the terms of the agreement, shareholders of 21st Century Fox will receive 0.2745 Disney shares for each 21st Century Fox share they hold (subject to adjustment for certain tax liabilities as described below). The exchange ratio was set based on a 30-day volume weighted average price of Disney stock. Disney will also assume approximately $13.7 billion of net debt of 21st Century Fox. The acquisition price implies a total equity value of approximately $52.4 billion and a total transaction value of approximately $66.1 billion (in each case based on the stated exchange ratio assuming no adjustment) for the business to be acquired by Disney, which includes consolidated assets along with a number of equity investments.

Popular Entertainment Properties to Join Disney Family

Combining with Disney are 21st Century Fox’s critically acclaimed film production businesses, including Twentieth Century Fox, Fox Searchlight Pictures and Fox 2000, which together offer diverse and compelling storytelling businesses and are the homes of Avatar, X-Men, Fantastic Four and Deadpool, as well as The Grand Budapest Hotel, Hidden Figures, Gone Girl, The Shape of Water and The Martian—and its storied television creative units, Twentieth Century Fox Television, FX Productions and Fox21, which have brought The Americans, This Is Us, Modern Family, The Simpsons and so many more hit TV series to viewers across the globe. Disney will also acquire FX Networks, National Geographic Partners, Fox Sports Regional Networks, Fox Networks Group International, Star India and Fox’s interests in Hulu, Sky plc, Tata Sky and Endemol Shine Group.

“The acquisition of this stellar collection of businesses from 21st Century Fox reflects the increasing consumer demand for a rich diversity of entertainment experiences that are more compelling, accessible and convenient than ever before,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. “We’re honored and grateful that Rupert Murdoch has entrusted us with the future of businesses he spent a lifetime building, and we’re excited about this extraordinary opportunity to significantly increase our portfolio of well-loved franchises and branded content to greatly enhance our growing direct-to-consumer offerings. The deal will also substantially expand our international reach, allowing us to offer world-class storytelling and innovative distribution platforms to more consumers in key markets around the world.”

“We are extremely proud of all that we have built at 21st Century Fox, and I firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace in what is an exciting and dynamic industry,” said Rupert Murdoch, Executive Chairman of 21st Century Fox. “Furthermore, I’m convinced that this combination, under Bob Iger’s leadership, will be one of the greatest companies in the world. I’m grateful and encouraged that Bob has agreed to stay on, and is committed to succeeding with a combined team that is second to none.”

At the request of both 21st Century Fox and the Disney Board of Directors, Mr. Iger has agreed to continue as Chairman and Chief Executive Officer of The Walt Disney Company through the end of calendar year 2021.

“When considering this strategic acquisition, it was important to the Board that Bob remain as Chairman and CEO through 2021 to provide the vision and proven leadership required to successfully complete and integrate such a massive, complex undertaking,” said Orin C. Smith, Lead Independent Director of the Disney Board. “We share the belief of our counterparts at 21st Century Fox that extending his tenure is in the best interests of our company and our shareholders, and will be critical to Disney’s ability to effectively drive long-term value from this extraordinary acquisition.”

Benefits to Consumers

The acquisition will enable Disney to accelerate its use of innovative technologies, including its BAMTECH platform, to create more ways for its storytellers to entertain and connect directly with audiences while providing more choices for how they consume content. The complementary offerings of each company enhance Disney’s development of films, television programming and related products to provide consumers with a more enjoyable and immersive entertainment experience.

Bringing on board 21st Century Fox’s entertainment content and capabilities, along with its broad international footprint and a world-class team of managers and storytellers, will allow Disney to further its efforts to provide a more compelling entertainment experience through its direct-to-consumer (DTC) offerings. This transaction will enable Disney’s recently announced Disney and ESPN-branded DTC offerings, as well as Hulu, to create more appealing and engaging experiences, delivering content, entertainment and sports to consumers around the world wherever and however they want to enjoy it.

The agreement also provides Disney with the opportunity to reunite the X-Men, Fantastic Four and Deadpool with the Marvel family under one roof and create richer, more complex worlds of inter-related characters and stories that audiences have shown they love. The addition of Avatar to its family of films also promises expanded opportunities for consumers to watch and experience storytelling within these extraordinary fantasy worlds. Already, guests at Disney’s Animal Kingdom Park at Walt Disney World Resort can experience the magic of Pandora—The World of Avatar, a new land inspired by the Fox film franchise that opened earlier this year. And through the incredible storytelling of National Geographic—whose mission is to explore and protect our planet and inspire new generations through education initiatives and resources—Disney will be able to offer more ways than ever before to bring kids and families the world and all that is in it.

Enhancing Disney’s Worldwide Offerings

Adding 21st Century Fox’s premier international properties enhances Disney’s position as a truly global entertainment company with authentic local production and consumer services across high-growth regions, including a richer array of local, national and global sporting events that ESPN can make available to fans around the world. The transaction boosts Disney’s international revenue mix and exposure.

Disney’s international reach would greatly expand through the addition of Sky, which serves nearly 23 million households in the UK, Ireland, Germany, Austria and Italy; Fox Networks International, with more than 350 channels in 170 countries; and Star India, which operates 69 channels reaching 720 million viewers a month across India and more than 100 other countries.

Prior to the close of the transaction, it is anticipated that 21st Century Fox will seek to complete its planned acquisition of the 61% of Sky it doesn’t already own. Sky is one of Europe’s most successful pay television and creative enterprises with innovative and high-quality direct-to-consumer platforms, resonant brands and a strong and respected leadership team. 21st Century Fox remains fully committed to completing the current Sky offer and anticipates that, subject to the necessary regulatory consents, the transaction will close by June 30, 2018. Assuming 21st Century Fox completes its acquisition of Sky prior to closing of the transaction, The Walt Disney Company would assume full ownership of Sky, including the assumption of its outstanding debt, upon closing.

Transaction Highlights

The acquisition is expected to yield at least $2 billion in cost savings from efficiencies realized through the combination of businesses, and to be accretive to earnings before the impact of purchase accounting for the second fiscal year after the close of the transaction.

Terms of the transaction call for Disney to issue approximately 515 million new shares to 21st Century Fox shareholders, representing approximately a 25% stake in Disney on a pro forma basis. The per share consideration is subject to adjustment for certain tax liabilities arising from the spinoff and other transactions related to the acquisition. The initial exchange ratio of 0.2745 Disney shares for each 21st Century Fox share was set based on an estimate of such tax liabilities to be covered by an $8.5 billion cash dividend to 21st Century Fox from the company to be spun off. The exchange ratio will be adjusted immediately prior to closing of the acquisition based on an updated estimate of such tax liabilities. Such adjustment could increase or decrease the exchange ratio, depending upon whether the final estimate is lower or higher, respectively, than the initial estimate. However, if the final estimate of the tax liabilities is lower than the initial estimate, the first $2 billion of that adjustment will instead be made by net reduction in the amount of the cash dividend to 21st Century Fox from the company to be spun off. The amount of such tax liabilities will depend upon several factors, including tax rates in effect at the time of closing as well as the value of the company to be spun off.

The Boards of Directors of Disney and 21st Century Fox have approved the transaction, which is subject to shareholder approval by 21st Century Fox and Disney shareholders, clearance under the Hart-Scott-Rodino Antitrust Improvements Act, a number of other non-United States merger and other regulatory reviews, and other customary closing conditions.

Investor Conference Calls

Disney will conduct an investor conference call at approximately 8:00 a.m. EST / 5:00 a.m. PST today, Thursday, December 14, 2017. To listen to the live webcast, please visit http://www.disney.com/investors. The webcast presentation will be archived.

21st Century Fox senior executives will host a conference call at approximately 9:00 a.m. EST / 6:00 a.m. PST today, Thursday December 14, 2017, to discuss the creation of “New Fox” and the Disney transaction. The conference call will be webcast on 21st Century Fox’s investor relations website at http://www.21cf.com/investor-relations.

Disney will also hold a previously scheduled investor meeting with Disney management at approximately 5:00 p.m. EST / 2:00 p.m. PST today, Thursday, December 14, 2017, which will be webcast at http://www.disney.com/investors. The webcast presentation will be archived.

ThePhenom escribió:Lucasfilm, FOX... lo próximo? Estos como sigan en este plan se atreven con Netflix.

kamus de oviedo escribió:Como dije en otro hilo, van a acabar comprando la Warner.

kenshinbh escribió:Por una parte me gusta que los derechos de los mutantes y el resto de superhéroes de Marvel (excepto spiderman) estén de nuevo juntos, pero por otro lado me preocupa cómo puede verse afectado Netflix con esta compra. Disney ya dijo que, por lo menos en EEUU, todas sus películas desaparecerían del catálogo de Netflix, ya que planean lanzar su propia plataforma. Es normal pensar que con esta nueva adquisición, todo lo que hubiera de Twenty-First Century Fox en el catálogo de Netflix (en EEUU), tienda a desaparecer con el tiempo. Mientras solo afecte al mercado norteamericano "no le vería problema", pero me resulta difícil de imaginar que no se extienda al mercado global, el día que decidan lanzar su plataforma en el resto del mundo.

Gromber escribió:

kamus de oviedo escribió:Como dije en otro hilo, van a acabar comprando la Warner.

pues deberian decirte en el otro hilo, que una igual o más grande que Disney, ya se adelanto y faltan detalles.

Todopc-WII escribió:Bien bien!!! , porfin los X-men y los 4 fantásticos vuelven a Marvel.

kenshinbh escribió:Por una parte me gusta que los derechos de los mutantes y el resto de superhéroes de Marvel (excepto spiderman) estén de nuevo juntos, pero por otro lado me preocupa cómo puede verse afectado Netflix con esta compra. Disney ya dijo que, por lo menos en EEUU, todas sus películas desaparecerían del catálogo de Netflix, ya que planean lanzar su propia plataforma. Es normal pensar que con esta nueva adquisición, todo lo que hubiera de Twenty-First Century Fox en el catálogo de Netflix (en EEUU), tienda a desaparecer con el tiempo. Mientras solo afecte al mercado norteamericano "no le vería problema", pero me resulta difícil de imaginar que no se extienda al mercado global, el día que decidan lanzar su plataforma en el resto del mundo.

kamus de oviedo escribió:@GXY , no estaba al tanto. Gracias mi almirante . (Habla usted con un fan acérrimo de Galactica).

ErCobra escribió:Disney será el Imperio en el futuro.... no muy lejano.

oscx7 escribió:Sobre el tema de Warner, es imposible que disney compre warner, ademas también queda universal y sobretodo Paramount. Por esto mismo a nivel de películas "normales" no creo que cambie.

tnucsoid escribió:No me extrañaria que sea Netflix quien se la acabe llevando a precio de mercadillo, aunque solo sea por su catologo de clasicos.

oscx7 escribió:Netfix?, ya solo la marca Paramount vale mas que todo netfix, de hecho Paramount es , ademas de un icono del cine, Paramount viene de los incios de la historia del cine en USA, en 1910. No obstante sobre la venta de Paramount no descarto nada, el estudio que fue el mas grande y el numero 1 durante casi todo el siglo XX a dia de hoy y con la tendencia que hay a crear basura cinematografica de digamos........verano, pues claro que puede ser, pero esa o la que sea, cualquiera hoy en dia puede sufrir eso, incluyendo a la de esta noticia, disney.

Esto ya lo se yo, como tambien se que todas las productoras ya no son ni parecidas a lo que fueron, no obstante por muy mal que este Paramount, no es lo mismo que fox. Y lo que tiene que hacer ( de hecho lo esta haciendo) es dejar de lado todas esas peliculas supermillonarias de superheroes y de temporada como los fast furious esos ( 11 partes, 11 basuras millonarias que a Universal le saldran Carisimas). Y volver a crear peliculas de calidad.

El unico modo de que sobreviva el cine es haciendo peliculas por amor al cine y no por amor a los billetes ( como se hacian antes). Pero que vamos que yo tambien se que es imposible en el mundo de hoy en donde absolutamente todo esta a la venta, por desgracia.

oscx7 escribió: Y lo que tiene que hacer ( de hecho lo esta haciendo) es dejar de lado todas esas peliculas supermillonarias de superheroes y de temporada como los fast furious esos ( 11 partes, 11 basuras millonarias que a Universal le saldran Carisimas). Y volver a crear peliculas de calidad.

tnucsoid escribió:Creo que sobreestimas lo que valen las peliculas clasicas de Paramount, y el valor de su marca.

Si no recuerdo mal, a Paramount la valoraban en 4.500 Millones de dolares. La propietaria de Paramount, Viacom tiene una capitalización de 12.000 Millones.

Para ponerte en perspectiva, la capitalización de Netflix es de 82.000 Millones(Casi 20 Paramounts).

Así que si quieren pueden comprar Paramount sin despeinarse. Y de postre se pueden pillar MGM que también está barata.

tloztpwii escribió:

oscx7 escribió: Y lo que tiene que hacer ( de hecho lo esta haciendo) es dejar de lado todas esas peliculas supermillonarias de superheroes y de temporada como los fast furious esos ( 11 partes, 11 basuras millonarias que a Universal le saldran Carisimas). Y volver a crear peliculas de calidad.

En serio dices que dejen de hacer la basura de Fast and Furious Por que les sale carísima ? Has visto lo que han recaudado las últimas pelis ? Pero si Furious 7 es la sexta película más taquillera de la historia .

k_nelon escribió:

oscx7 escribió:
Pero no es lo mismo, ademas que la valoren asi no quiere decir que este a la venta, seria como vender la loteria ( en el mundo del cine), y mgm pertenece a turner y este a su vez a warner, lo que mas vale de mgm no es la empresa, es el catalogo de peliculas que tiene.

tnucsoid escribió:[Por partes, porque veo que tienes poca idea.

MGM no es de Warner, ahora es de un consorcio de acreedores. Lo que te estás liando es que Turner compro parte del catalogo de películas de MGM, y de ahí te has montado tu propia película.

tnucsoid escribió: Segundo, ¿Enserio piensas que Paramount es la lotería? Que iluso. Ademas veo que no sabes como funciona el mundo

tnucsoid escribió: El caso de Viacom es un poco más complejo porque tiene un unico propietario detrás, pero en la mayoría de compañías, no hace falta en absoluto que se quiera vender. ¿Nunca has escuchado el termino de OPA hostil? simplemente ofreces como precio la capitalizacion bursatil más un poco extra y te llevas la compañía.

Para hacerte un símil, es como la clausula de los jugadores de fútbol.

oscx7 escribió:
No
https://es.wikipedia.org/wiki/Metro-Goldwyn-Mayer

propietario Turner Entertainment

https://es.wikipedia.org/wiki/Turner_Entertainment

Propietario: Time Warner ( New Line Cinema, Time Inc, Turner Broadcasting System, The CW, Warner Bros, Warner Bros. Animation, HBO, DC Comics, Cartoon Network Studios y Castle Rock Entertainment.)

tnucsoid escribió:La wikipedia en español está mal por lo que se ve. Vete a la wikipedia en ingles.

https://en.wikipedia.org/wiki/Metro-Goldwyn-Mayer
https://en.wikipedia.org/wiki/MGM_Holdings


Owner Highland Capital Management (25%)
Anchorage Capital Group (25%)
Third Point Management (25%)
Solus Alternative Asset Management (25%)[5]

tnucsoid escribió:No hay más, Warner no tiene nada que ver con la MGM actual y no tiene nada que decir en una futura venta, simplemente posee los derechos de sus películas previas a 1986.

Juanfurrylobo escribió:Y que pasa con Ice Age será de Disney

Curioso caso en donde Pixar estaba desarrollando una película Newt que se parece a de Rio y bla bla bla
Bueno al final que pasará con la productora

Tukaram escribió:hombre pues si eso hace que no hagan mas Ice age en un tiempo o directamente NO HACEN MAS porque la ultima joder mas mala no puede ser mejor Xd

oscx7 escribió:

Tukaram escribió:hombre pues si eso hace que no hagan mas Ice age en un tiempo o directamente NO HACEN MAS porque la ultima joder mas mala no puede ser mejor Xd

Para mi son mejores los cortos de Scrat, que las peliculas en si

Patchanka escribió:Yo quiero saber donde exactamente está el "toque serio y adulto" de Star Wars.

El de Marvel sé donde está. Por ejemplo, está en Soldado de Invierno, que ya se hizo con Marvel bajo el paraguas de Disney.

madridista_123 escribió:

Patchanka escribió:Yo quiero saber donde exactamente está el "toque serio y adulto" de Star Wars.

El de Marvel sé donde está. Por ejemplo, está en Soldado de Invierno, que ya se hizo con Marvel bajo el paraguas de Disney.

El soldado de invierno es un poco peor que civil war por ejemplo