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Expand chart
Reproduced from Walt Disney Company; Chart: Axios Visuals

Walt Disney Company announced Thursday that it has agreed to acquire the entertainment assets of 21st Century Fox, including Fox's movie studio and entertainment television networks, as well as Fox's international TV assets.

Why it matters: The new mega-media company will nearly double in size, giving it better leverage to compete with tech giants like Netflix for entertainment viewership and more opportunities to expand Disney's legacy sports brand, ESPN.

The deal brings together two of Hollywood's "Big 6" movie studios, Walt Disney Studios and 20th Century Fox. It will now own 7 of the 10 highest-grossing films:

  1. Avatar (Fox)
  2. Titanic (Fox)
  3. Force Awakens (Disney)
  4. Jurassic World
  5. The Avengers (Disney)
  6. Furious 7
  7. Avengers: Age of Ultron (Disney)
  8. Harry Potter and the Deathly Hallows: Part II
  9. Frozen (Disney)
  10. Beauty and the Beast (Disney)

It also increases Disney's intellectual property with new movie franchises, like Star Wars. X-Men, Avatar, Deadpool and Fantastic Four, in addition to its mega-franchises Pixar, Disney, Marvel Film. This content will be used to power Disney's new entertainment subscription streaming app that launches in 2019.

Disney will now own several new entertainment TV channels, like FX, Star and Nat Geo TV, on top of some of its own channels like ABC and Disney Channel. Some of this content could be used for Disney's entertainment streaming app, or for Hulu, in which it now has a majority stake. Sources have suggested that Hulu could feature more adult-friendly content than its own streaming app, which would give more consumers choice.

The merger dramatically enhances ESPN's sports footprint, giving Disney access to three of Fox's international sports distribution franchises: Sky Sports (UK/Europe), Star Sports (India) and Fox Deportes (Latin America). Most notably, it also gives Disney access to Fox's 22 Regional Sports Networks in the United States.

Disney now has some international distribution assets to compete with Netflix abroad.

  • The merger gives Disney minority stake in Sky's streaming property, which reaches consumers directly in the U.K. and Europe and Tata Sky, a direct TV provider in India.
  • Disney also gets access to Hotstar, Fox's massively-successful Indian streaming company that just beat out Facebook for IPL cricket rights.
  • These direct-to-consumer assets coupled with a majority stake in Hulu create a power-distribution center for Disney to stream its expanded content portfolio all over the world.

Go deeper

California to pay off unpaid rent accrued during COVID-19 pandemic

California Gov. Gavin Newsom. Photo: Jay L. Clendenin / Los Angeles Times via Getty Images

California will pay off the accumulated unpaid rent that has piled up during the COVID-19 pandemic, the AP reports.

Why it matters: The move would fulfill a promise to landlords to help them to break even, while giving renters relief, the AP writes.

U.S. announces destinations for 55 million more COVID vaccine doses

President Biden at a press conference on the final day of the G7 summit. Photo: Brendan Smialowski/AFP via Getty Images

The Biden administration on Monday announced a list of countries that will receive the remaining 55 million COVID-19 vaccine doses that the U.S. has pledged to allocate by the end of this month.

The state of play: The White House had previously named the recipients of the first 25 million of the 80 million doses that the U.S. has pledged to export, as it took its first step toward becoming a global vaccine supplier.