Disney Completes $71 Billion Buy Of Fox Entertainment Assets
(CBS NEWS) - Disney has closed its $71 billion acquisition of Fox's entertainment business, putting "Cinderella," ''The Simpsons," ''Star Wars" and "Dr. Strange" under one corporate roof. The deal is likely to shake up the media landscape. Among other things, it paves the way for Disney to launch its streaming service, Disney Plus, due out later this year.
It will also likely lead to layoffs in the thousands, thanks to duplication in Fox and Disney film-production staff. By buying the studios behind "The Simpsons" and X-Men, Disney aims to better compete with technology companies such as Amazon and Netflix for viewers' attention - and dollars.
