INTERNATIONAL - Walt Disney Co closed its $71 billion acquisition of Twenty-First Century Fox Inc’s film and television assets on Wednesday, giving its upcoming streaming service a range of popular content as it takes on Netflix Inc.
The deal will expand Disney’s portfolio of some of the world’s most popular characters, uniting Mickey Mouse, Luke Skywalker and Marvel superheroes with Fox’s X-Men, “Avatar” and “The Simpsons” franchises.
The streaming service, Disney+, aims to make up for the continuing loss of subscribers from ESPN and other cable networks.
The completion of the Fox deal comes nearly a year after Disney won a bidding war against cable company Comcast Corp for the assets.
Disney also said Kevin Mayer and James Kapenstein have stepped down from its board.