And you thought some of those gifts from
our post on Monday were expensive. Disney chairman and chief executive Robert A. Iger opened up his wallet Thursday morning, as the Walt Disney Company
reached a deal to purchase most of the assets of 21st Century Fox for the sum of $52.4 billion.
In addition to acquiring 21st Century Fox's movie studio and the Fox regional sports networks, Disney will also receive the FX network and National Geographic channels, as well as Fox's stake in Hulu.
For Disney, the hope is that the acquisition and expanded array of content will help it to compete against online streaming services like Netflix and Amazon. Disney is planning to launch two separate streaming services, one for sports and one for entertainment, and is simultaneously pulling its content from Netflix.
"The acquisition of this stellar collection of businesses from 21st Century Fox reflects the increasing consumer demand for a rich diversity of entertainment experiences that are more compelling, accessible and convenient than ever before," Iger said in a statement. "We're honored and grateful that Rupert Murdoch has entrusted us with the future of businesses he spent a lifetime building."