Bob Iger extends contract to 2021 as Disney acquires Fox in US$52.4bn mega-deal
Disney has confirmed a US$52.4bn (€44.27bn, £39bn) mega-deal with Fox, acquiring Twentieth Century Fox Film and Television studios, along with Fox's cable and international TV businesses.
The company also announced that Bob Iger will extend his tenure as Disney chair and CEO.
The deal means 21st Century Fox will separate from the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company.
The Fox acquisition sees Disney acquire a huge media library and the distribution rights to the first Star Wars film and the film rights to the Fantastic Four and X-Men franchises – two IPs not obtained through its previous multi-billion dollar acquisitions of Lucasfilm and Marvel.
It also acquires Avatar, which debuted as a new attraction at Disney’s Animal Kingdom earlier this year.
“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,” said Iger.
“We’re honoured and grateful that Rupert Murdoch has entrusted us with the future of businesses he spent a lifetime building, and we’re excited about this extraordinary opportunity to significantly increase our portfolio of well-loved franchises and branded content to greatly enhance our growing direct-to-consumer offerings.
"The deal will substantially expand our international reach, allowing us to offer world-class storytelling and innovative distribution platforms to more consumers in key markets around the world.”
Iger had been set to step down from his position in 2019, even telling the media “this time I mean it” after extending his contract in search of a successor.
When Disney started negotiations with Fox over the takeover, James Murdoch emerged as a contender to the Disney throne, with reports also linking Bob Chapek to the role.
At the request of both Fox and Disney’s boards, Iger has agreed to continue in his role until 2021 – a position he had originally intended to vacate in June 2018.
“When considering this strategic acquisition, it was important to the board that Bob remains as chair and CEO until 2021, to provide the vision and proven leadership required to successfully complete and integrate such a massive, complex undertaking,” said Orin C Smith, lead independent director of the Disney board.
“We share the belief of our counterparts at 21st Century Fox that extending his tenure is in the best interests of our company and our shareholders, and will be critical to Disney’s ability to effectively drive long-term value from this extraordinary acquisition.”
According to Disney, the acquisition is expected to yield at least US$2bn (€1.69bn, £1.49bn) a year in cost savings from efficiencies realised through the combination of businesses.
“We're extremely proud of all that we have built at 21st Century Fox, and I firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace in what is an exciting and dynamic industry,” said Rupert Murdoch, executive chair of 21st Century Fox.
“I’m convinced this combination, under Bob Iger’s leadership, will be one of the greatest companies in the world. I’m grateful and encouraged that Bob has agreed to stay on, and is committed to succeeding with a combined team that is second to none.”
Bob Iger Disney Fox visitor attractions theme parks X-Men Star Wars 21st Century Fox Fox News Bob Iger Rupert Murdoch Avatar LucasfilmPotential Fox deal sees James Murdoch cast as contender to Disney throne
Tokyo Disney plans biggest expansion in 20 years as operator enters discussions for ¥300bn development
Bob Chapek tipped as heir to Disney throne
UAE’s first Dior Spa debuts in Dubai at Dorchester Collection’s newest hotel, The Lana
Europe's premier Evian Spa unveiled at Hôtel Royal in France
Clinique La Prairie unveils health resort in China after two-year project
GoCo Health Innovation City in Sweden plans to lead the world in delivering wellness and new science
Four Seasons announces luxury wellness resort and residences at Amaala
Aman sister brand Janu debuts in Tokyo with four-floor urban wellness retreat
€38m geothermal spa and leisure centre to revitalise Croatian city of Bjelovar
Two Santani eco-friendly wellness resorts coming to Oman, partnered with Omran Group
Kerzner shows confidence in its Siro wellness hotel concept, revealing plans to open 100
Ritz-Carlton, Portland unveils skyline spa inspired by unfolding petals of a rose
Rogers Stirk Harbour & Partners are just one of the names behind The Emory hotel London and Surrenne private members club
Peninsula Hot Springs unveils AUS$11.7m sister site in Australian outback
IWBI creates WELL for residential programme to inspire healthy living environments
Conrad Orlando unveils water-inspired spa oasis amid billion-dollar Evermore Resort complex
Studio A+ realises striking urban hot springs retreat in China's Shanxi Province
Populous reveals plans for major e-sports arena in Saudi Arabia
Wake The Tiger launches new 1,000sq m expansion
Othership CEO envisions its urban bathhouses in every city in North America
Merlin teams up with Hasbro and Lego to create Peppa Pig experiences
SHA Wellness unveils highly-anticipated Mexico outpost
One&Only One Za’abeel opens in Dubai featuring striking design by Nikken Sekkei
Luxury spa hotel, Calcot Manor, creates new Grain Store health club
'World's largest' indoor ski centre by 10 Design slated to open in 2025
Murrayshall Country Estate awarded planning permission for multi-million-pound spa and leisure centre
Aman's Janu hotel by Pelli Clarke & Partners will have 4,000sq m of wellness space
Therme Group confirms Incheon Golden Harbor location for South Korean wellbeing resort
Universal Studios eyes the UK for first European resort
King of Bhutan unveils masterplan for Mindfulness City, designed by BIG, Arup and Cistri
Rural locations are the next frontier for expansion for the health club sector
Tonik Associates designs new suburban model for high-end Third Space health and wellness club
Designing an eco hotel for the Galapagos Islands that allowed the stunning natural surroundings to take centre stage while minimising its impact on the land presented its own unique set of challenges, Ecuadorian architect Humberto Plaza tells Kathryn Hudson