With the landmark purchase of Fox assets, Disney, already valued at $168 billion, is poised to be an even bigger force in Hollywood. More from MegJamesLAT:
Mickey Mouse and Walt Disney Co. Chief Executive Bob Iger prepare to ring the opening bell at the New York Stock Exchange in November 2017. Through a series of sure-footed moves, Iger has worked tirelessly to position Disney as the world’s preeminent entertainment company. Now he is closer to realizing his vision as the Burbank giant late Tuesday finalizes its $71.3-billion purchase of much of Rupert Murdoch’s 21st Century Fox.
So great is the threat that Murdoch opted to sell much of his empire. And the 68-year-old Iger — who is 20 years younger than Murdoch — seized the opportunity to bulk up Disney. But it is not certain that Iger can seamlessly integrate the cultures of two very different companies — or whether Disney will be as formidable a competitor as it takes on the streaming giants that have upended the industry.
But Iger moved quickly to repair damaged relationships with board members and key business partners, including Apple’s late visionary Steve Jobs, who co-founded Pixar Animation Studios. With gems such as “Toy Story” and “Finding Nemo,” Pixar had eclipsed Disney’s in-house animation unit. To be sure, there have been missteps. Disney’s $675-million gamble on Maker Studios, a network for YouTube creators, misfired. ABC has struggled to maintain its audience. And ESPN has felt the sting of cable TV cord-cutters, which cut its subscriber base and revenue. And its $400-million investment in Vice Media has yet to pay off.
Disney must find a buyer for Fox’s 22 regional sports networks. Last summer, when the U.S. Justice Department approved the Disney-Fox transaction, it told Disney to divest the regional cable channels because the company already owns ESPN. Disney had hoped a sale of those channels could generate as much as $20 billion, to defray the costs of the Fox assets, but the auction has not generated a frenzy of buyers.
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