Disney Now Owns Fox
Disney is a name that the entire world knows. Our generation and generations before have grown up with the company. From Lion King to Mickey Mouse to what we have today, the franchise has helped shape entertainment as we know it. Disney is considered as one of the most famous companies in the world; every year they make children’s movies that force every parent to watch their kids sing along to every single word. We all know at least the chorus of Frozen’s "Let It Go” and the moment we hear it, it will take a month to get it out of your head.
Mickey Mouse, the iconic mouse that generations recognize to this day. Image Credit: Skitterphoto
Now, Disney is taking the next step towards world domination. They have bought out 20th Century Fox Film and Television Studios: the Fox Television Group, home of X-Men, the Die Hard movies, Deadpool and the original Star Wars trilogy. Disney was in competition with Comcast, the home of NBC and other television channels for the purchase. The bid from Disney started at $52 billion, following that Comcast offered $65 billion. The bidding war ended in Comcast pulling out after Disney's $71.3 billion offer. The deal was finalized on March 20, 2019.
Bob Iger, Disney’s CEO, stated, “Having been on both sides of numerous acquisitions during my career, I have a deep appreciation for how this one impacts everyone involved, on both a personal and professional level. I understand the challenges, and I ask for your continued patience in the days to come as we combine this collection of great assets to create the world’s premier entertainment company.”
Bob Iger, CEO of Disney. Credit: Jeff Kravitz
The deal will take time to be formally implemented, as they have to figure out which franchises should be canceled, or, if they are lucky, continued. On March 21, 2018, it was announced that on October 4, 2019, the Fox 2000 Pictures Studio would be shut down. Four thousand people will lose their jobs, with potentially many more on the chopping block as Disney already has a global staff of thousands of people.
Many in the movie and television industry fear for the future because this is yet another example of Hollywood getting smaller. Disney, for example, owns two of the most profitable movie franchises in the world, Marvel Cinematic Universe and Star Wars. These two franchises alone have made over $23 billion for the past 10 years in just box office revenue. Imagine the amount of money that is generated from the merchandise the two franchises sell. Disney has shown that they rule the box office with the release of Avengers: Endgame. The movie grossed $2.1 billion in two weeks. This film has made more money than multiple Marvel movies combined, and the box office numbers don’t seem to be slowing down.
Avengers: Endgame aiming to be the first movie to hit the three billion dollar mark. Credit: Web-Of-Spidey
It's concerning that one company may control close to the entirety of the movie-going experience. Disney can now dictate what they like and don’t like, and because of the companies size, they have been traditionally interested in movies that will bring them monetary success versus artistic expression. This could stifle overall creativity, as Vox mentioned on the issue, "... you can't create great art, or even popular art, by throwing money at it."
Too much control in one entity could be detrimental to the film making environment. As small Hollywood is, it getting more compact, and this does not help artists make the content they want to make. As bigger companies continue to buy up the smaller ones, we could soon be living in a world where all movies are controlled by two or three studios. It is safe to say that this recent purchase is not a great sign for the future of American entertainment. At least, the X-men can now be the same scene as the Avengers. Just imagine an action scene with Wolverine and Spiderman. Come on, it would look awesome, and you can’t deny that.
Disney's Purchase of FOX Explained by SuperCarlinBrothers
