Fox takeover

Disney prepares to take on streaming rivals

BBC Radio 5 Live

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On Wednesday, Disney officially completed its acquisition of 21 Century Fox assets for $71bn.

It is widely believed that Disney is now planning to take on content streaming giants like Netflix and Amazon.

“It’s a huge deal. Everyone expects that the combination of Fox and Disney will change entertainment not just in the US, but also the rest of the world," Meg James, the Los Angeles Times' corporate media reporter told BBC Radio 5 Live's Wake Up to Money programme.

While previously you needed to be a fairly large production house to have content do well with a mainstream audience, she says now smaller, independent producers have a more even playing ground.

"It's good news for small producers...now everyone seems to have money to wave around to pay for content," Ms James said.

Investors approve Fox/Disney deal

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Disney and 21st Century Fox shareholders voted to approve the $71bn merger of the two media giants on Friday.

However, hurdles remain before the deal can be considered done. While the US Department of Justice has given the nod, Disney is waiting on approval from other jurisdictions including China and the EU.

The complex dance means Comcast is likely to win control of Sky - more detail on that here.

Comcast shares surge as Wall Street opens behind

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Wall Street stocks were down in early trade, with several companies falling.

But Comcast shares surged after the company exited a bidding war with Disney for Fox media assets. Camcast shares were up 2.89% in early trading.

The Dow Jones Industrial Average was at 25,139.62, down 0.2%. The broader S&P 500 also dropped 0.2 % to 2,810.40, ahd the tech-based Nasdaq slipped 0.1 percent to 7,844.35.