The New Fox Will Be About A Third Of Current Size

Nick Givas | Media And Politics Reporter

After Walt Disney Co. purchased Twenty-First Century Fox’s film, television, and international businesses for $52.4 billion Thursday, NewsCorp chairman Rupert Murdoch said the media empire will be reduced to about one-third of its current size.

The refurbished Fox will still bring in $10 billion in annual revenue, and retain a market value of at least $20 billion, according to Reuters.

“Are we retreating? Absolutely not,” Murdoch told investors Thursday. “We are pivoting at a pivotal moment.”

Chief executive of Fox shareholder GAMCO Investors Inc, Mario Gabelli, told Reuters he is not concerned about the downsizing and said Fox will still remain bigger than some of its other media competitors.

The deal still needs to be approved by federal regulators, but if it goes through it will provide Disney the opportunity to create a streaming service to compete with the likes of Netflix, and Amazon Prime. Disney will receive Fox’s movie studio, spots networks, FX, the National Geographic channel, Fox’s share of Hulu, Sky of Britain and Star of India.

The Fox News Channel and Fox Business network will remain independent and be a part of a separate company going forward.

You can Follow Nick on Twitter and Facebook

The Daily Caller News Foundation is working hard to balance out the biased American media. For as little as $3, you can help us. Freedom of speech isn’t free. Make a one-time donation to support the quality, independent journalism of TheDCNF. We’re not dependent on commercial or political support and we do not accept any government funding.

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.

Tags : disney fox news rupert murdoch
© Copyright 2010 - 2018 | The Daily Caller