There’s a lot of fear in the offices that comprise Rupert Murdoch’s and Bob Iger’s media empires. There have been mergers in Hollywood before. But the marriage of Fox and Disney is uncharted territory in the media landscape. There’s rarely been an acquisition of this size or a union of two such storied brands with distinct cultures. Disney, with its buttoned-down air, is far removed from the more Darwinian approach to management long favored by Fox.
The company is cutting an annual base salary increase of $500,000 that Iger was set to receive when the Fox deal closes and maintains his current base of $3 million. It cuts the annual bonus he was set to receive by $8 million to $12 million. It also cut his annual target long-term incentive award by $5 million to $20 million.
Disney took a big step closer to completing its $71.3 billion purchase of 21st Century Foxwith Brazil’s conditional approval of the deal Wednesday. In an agreement with Brazil’s antitrust agency, Disney will sell the Fox Sports cable channel that serves the largest media market in South America. Brazilian regulators focused on Disney’s ownership of ESPN and Fox Sports as giving it too much power over sports rights and related deals.
Disney wants to get even more control over Hulu: The company is in active discussions with AT&T to acquire the 10% stake that WarnerMedia owns in the streaming joint venture.
Walt Disney Co.’s $71 billion takeover of 21st Century Fox assets was expected to turn the Murdoch family into one of the biggest voices at the entertainment giant. But the six Murdoch children — heirs to billionaire Fox founder Rupert Murdoch — will be paid cash and stock from the deal individually, according to people familiar with the situation. That means they may not be much of a force at Disney, even though the family as a whole will become one of the biggest investors.
The streaming service landscape is growing. The industry, once dominated by a few companies, is now more than a dozen strong, and more players keep entering the game. Comcast, Warner Bros. and Disney are the latest entries, signifying a major shift in strategy for traditional cable television companies. And that could be bad news for Netflix, in particular.
Walt Disney Co., on the brink of sealing its $71 billion takeover of 21st Century Fox Inc. entertainment assets, will agree to sell the Fox Sports channels in Brazil and Mexico to win regulatory approval there, according to people close to the discussions
Walt Disney Co. is said to have pulled its advertising spending from YouTube, joining other companies including Nestle SA, after a blogger detailed how comments on Google’s video site were being used to facilitate a “soft-core pedophilia ring.” Some of the videos involved ran next to ads placed by Disney and Nestle.
A former football player, he spent three decades working for Walt Disney, his father-in-law, and had notable successes — until things turned sour. Over four years — as president and, for 18 months, chief executive — he oversaw the creation of Disney Channel, the company’s cable network.
Walt Disney Co’s Marvel superhero studio will produce four new adult-oriented animated series for the Hulu streaming service, Hulu said on Monday. Disney is reserving new programming for its own online platforms as the company works to transform into digital entertainment.