Disney grows entertainment portfolio

WITH the closing of the $71 billion (R1 trillion) deal with 21st Century Fox, The Walt Disney Company now owns Indian TV giant Star, a Mumbai media company with dozens of sports and entertainment channels.

The deal became effective Wednesday.

Besides Star India, the acquisition has most of Rupert Murdoch’s former empire including 21st Century Fox’s film production businesses which are, among others, Twentieth Century Fox, Fox Searchlight Pictures, Fox 2 000 Pictures, Fox Family and Fox Animation; Fox’s television creative units, Twentieth Century Fox Television, FX Productions and Fox21; FX Networks; National Geographic Partners; and Fox Networks Group International.

The deal also makes the owner of Tata Sky Endemol Shine Group. on Disney and

The acquisition gives a huge boost to the entertainment giant’s content as it aims to take on streaming services providers such as Netflix, Hulu and Apple’s TV service that is slated to be unveiled next week.

“This is an extraordinary and historic moment for us – one that will create significant long-term value for our company and our shareholders,” Disney chief executive Bob Iger said.

“Combining Disney’s and 21st Century Fox’s wealth of creative content and proven talent creates the pre-eminent global entertainment company, well positioned to lead in an incredibly dynamic and transformative era.”

Despite the acquisition, Murdoch’s Fox Corp will retain its independence and entities like Fox News and Fox Sports in the US.