Rupert Murdoch Made $581 Million in One Day After Disney-Fox Deal

Walt Disney

Walt Disney

The acquisition includes 21st Century Fox's film and TV studios, and cable networks.

The deal will extend Disney's footprint in pretty much every area of entertainment. It is also expected to make $2bn in expected cost savings as it shapes up for a fight with subscription streaming heavyweights like Netflix and Amazon Prime, according to analysts and industry experts.

Via a spinoff, the mogul will continue to run Fox News Channel, the FS1 sports network and the Fox broadcast network in the U.S. Disney Chief Executive Officer Bob Iger will remain in his role through 2021, the companies said.

The sale marks an epic downsizing for Murdoch, an 86-year-old former Australian who spent his adult life amassing the assets that made him a kingmaker in US and United Kingdom politics. If Disney offers him a job then, the 45-year-old could vie to succeed Iger.

Murdoch's net worth as of Thursday stands at $14.3 billion.

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BROADCASTING giant Sky is set for new ownership after Walt Disney launched a £39billion takeover of 21st Century Fox's entertainment assets.

While this is of course music to the ears of fans who have longed for a fully-fledged Marvel universe with all of the characters under the same roof, it did immediately raise questions about whether Disney would follow Fox's successful formula of R-rated superhero movies, with fears that the likes of Deadpool would be "watered down" to PG-13 to fit with the established Marvel Cinematic Universe.

Shares of Twenty-First Century Fox rose 3.22 percent to trade at 33.38 dollars apiece while Disney shares dropped 0.17 percent in early trading.

Disney will also acquire Fox's FX and National Geographic cable channels, its regional sports network, and Fox's interests in streaming service Hulu and the United Kingdom satellite TV provider Sky.

Mr Murdoch said the new company would be centred on live news and sports brands and the strength of the Fox network. In March, he said he was committed to leaving the company in July 2019. Disney announced those assets will be separated into a new company that will be spun off to Fox's shareholders. Now that latter product might be populated by X-Men and the Simpsons along with Mickey Mouse and Iron Man.

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