One of the world’s leading producers and providers of entertainment and information, Disney, has set March 20 for the closing date for the acquisition of 21st Century Fox.
Disney announced the formal closing process Tuesday morning, indicating that the company has received the last major approval for the deal from regulators in Mexico.
Disney said current 21st Century Fox shareholders will have until 5 p.m. ET Thursday to choose the amount of cash and Disney stock to receive in the $71.3 billion transaction.
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Disney said it expects the historic union of two of Hollywood’s pioneering studios to “become effective at 12:02 a.m. Eastern time on March 20.”
The completion of the Disney-21st Century Fox deal also signals the emergence on March 19 of Fox Corporation, the new entity to emerge from the 21st Century Fox assets that Disney is not buying.
Disney is also assuming about $13.8 billion in net debt from 21st Century Fox.
Disney has already outlined the leadership plan for its film and TV units. Emma Watts will continue in her role as vice chairman of 20th Century Fox, reporting to Disney Studios chairman Alan Horn.
Fox Searchlight chiefs Nancy Utley and Stephen Gilula and Fox 2000 president of production Elizabeth Gabler will continue in their roles, reporting to Horn.
In television, 21st Century Fox president Peter Rice shifts to chairman of Walt Disney Television and co-chair of Disney’s Media Networks unit.
Reporting to Disney chairman-CEO Bob Iger, Rice will oversee all aspects of Disney’s worldwide television operations other than ESPN, which is headed by Jimmy Pitaro.
Now that the deal closing is in sight, the nitty-gritty aspects of blending people and culture is about to begin.
TN
