Top Democrats on the Senate and House antitrust subcommittees are calling for hearings on the Walt Disney Co.'s proposed acquisition of a large portion of 21st Century Fox, including its film and TV studio, cable networks, and regional sports channels. After AT&T and Time Warner announced their plans to combine in October, 2016, Lee and Klobuchar quickly announced plans for a hearing. The deal will change the scenario in India as Fox-owned Star India's businesses include 49 entertainments along with 10 sports channels.
Shares of Fox, which have surged more than 30 percent since talk of the deal surfaced in early November, climbed 3.2 percent in early trading.
Disney's move to acquire the Fox library of content is seen as a bid to bolster its arsenal against Netflix and Amazon as well as emerging tech players such as Facebook and Apple, which are cashing in on a move towards streaming services and away from traditional pay TV packages. However, Disney would not gain Fox News; the network would remain in the hands of its current owner, Rupert Murdoch. The Justice Department is likely to review the transaction, but it does not require congressional approval.
Stoller tweeted, "This isn't about competition over better content, it's just about who will be the last monopoly standing".
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"This will be a growth company, centered on live news and sports brands and the strength of the Fox network", 21st Century Fox Executive Chairman Murdoch told investors. Murdoch's new Fox will have the Fox television network and stations, Fox News Channel, Fox Business Network and the USA sports channels FS1, FS2 and Big Ten Network. Iger said current Fox CEO James Murdoch, Rupert's younger son, will help with the transition and that the two will discuss whether he will have a longer-term role at Disney.
Disney will also assume about $13.7 billion of Fox's net debt in the deal.
The deal reverses course for Rupert Murdoch, an Australian-born U.S. citizen, who has built up a vast media and entertainment empire over the past decades.
The publishing and newspaper businesses will stay with Murdoch, as those have already been separated into a different company, News Corp.
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