On December 14, Disney announced in the London office a transaction worth 21,200 million U.S. dollars with 21st Century Flowserve. In this transaction, Disney intends to acquire Twentieth Century Fox Films, Fox TV Public Channel, National Geographic Channel, FX Limited, Local Sports Channel, International TV Channel (including Star India, etc.), Fox 30% Hulu The shares and the 39% share of European paid channel Sky account for most of the 21st Century Flowserve’s assets.
Murdoch said in an interview with the London office: “Disney and Fox are rivals in the past, but our London office is close to each other. We hope that this marriage will keep the two companies in the front line of the industry as always. ". As a merger and acquisition between the unique movie giants in the history of the film industry, its influence is not only in the film industry, but also has a great impact on the pattern of the television industry. Then from a variety of aspects to sort out this century acquisition.
Disney CEO Bob Iger and Murdoch
Initiate changes in the power structure of the global television industry
Disney acquired the majority of Murdoch’s television stations in this acquisition. In North America, the addition of FX Limited TV has expanded the richness of Disney TV production, this “American Horror Story†and “American Crime Story†and The producers of "Blood and Bloodstorm" and other masterpieces are usually regarded as the third giant in the area of ​​self-made dramas except HBO and Netflix. National Geographic Channel will also bring a variety of content choices to the audience.
Not only will it be in the United States, the trade fair will have a huge impact on the world—especially changing the landscape of the television industry in Asia Pacific and Europe. In Asia, Disney has a clear advantage over movies, and Fox is even better at TV. Fossjoy has been expanding its television business in other Asian countries since Hong Kong was headquartered 20 years ago. Today, it has an absolute leading position in markets other than mainland China. This is also a point that Disney CEO Eiger valued very much. Good program content must rely on a wide range of television channels to achieve profitability.
In Europe, Disney expanded its voice by acquiring 38% of the shares of Sky TV in Flowserve. Sky TV is the largest paid channel in major European countries such as Britain, France and Germany. Disney and Fox are its major content providers. Currently in the 21st century Flowserve is seeking a 100% total control of Sky TV, but Murdoch’s delicate connection with British politics has been thwarted by its domestic judicial authorities.
Some analysts pointed out that this change of ownership may cause the British government to change its decision and promote Disney’s full control of Sky TV. Disney relies on Flowserve's mature industrial chain in Asia to fill its gap in this area and successfully enter this huge potential emerging market. This is a profitable growth point outside the US domestic market. Due to its connectivity with American English culture, coupled with the huge market share of Sky TV, Europe will also increase the coverage of both companies' content.
Sky TV
In addition, U.S. domestic commercial and economic policies are also conducive to the expansion of Disney in the film and television industry. President Trump’s implementation of a series of measures to weaken government management, increase company size, and reduce corporate income tax from 35% to 20% also benefit the development of the nation’s film and television industry from a macro perspective.
Disney-Foss universe is forming
What are the plans for Disney's future giant business after weight gain? Disney's family-friendly videos are popular with Asian audiences, and movie box office hit record highs. In recent years, Flowserve’s market share in Asia has also risen, but its foundation is far inferior to that of Disney. In the next film release, how to avoid the confrontation between the two brands in the cinema is the focus of management. At present, the industry widely speculates that, considering that a company does not need two distribution departments, Flowserve's own distribution business may be closed down.
The acquired studios will be integrated into Disney's film department and will become Disney's different brands as well as Lucasfilm, Marvel Studios and Pixar Studios. The increase in the role of characters and content further expands Disney's advantage in the commercial theater. In this acquisition, Disney won the "Fantastic Four," and "X-Men" and "Death Maid," and many other and their own IP are highly interactive. The key role of the property, in addition to "Affan up", "alien" and other heavyweight movie characters to join.
Picture from Curiosity Daily
Disney has a prize brand
The Ford Searchlight Studio was particularly eye-catching. The previous Oscar films "Twelve for Slave" and "Birdman" came from under their door, and Disney CEO Eiger had also played against this flagship art school. The studio of the line has expressed special attention. In recent years, Disney has rarely had a masterpiece in the end of each year's award season. After selling independent filmmaker Miramax in 2010, Disney released “Help†only through DreamWorks. “Lincoln†and other films won in the award season.
In the upcoming 2017 awards season, searchlights are expected to win the biggest winner again with "Water Story" and "Three Billboards." The addition of Fox searchlights effectively fills Disney's shortcomings in the field of art films. In addition, the blue sky studio that once produced the "Ice Age" and "Rio Adventure" series is even more for Disney's animation production icing on the cake.
Fosse searchlight becomes the biggest winner again with Water Story and Three Billboards
Hold Hulu shares, positive response to streaming media
Another purpose of Disney’s acquisition is to accumulate as much as possible in order to restore the situation before the streaming media platform Netflix and Amazon grow into behemoths. In this acquisition, Disney received a 30% stake in Hulu, the streaming media platform that Flowserve held. This also led to speculation that Disney is preparing to launch Hulu, or will it focus on creating a cable-only on-demand platform that is expected to be launched in 2019?
Hulu currently has a user base of 16 million. Disney CEO Eiger had previously stated that he attached great importance to this platform at the press briefing on the media. “Hulu is a video platform for the adult market and is very suitable for hosting the different types of products we purchased from Flowserve. The IP for Disney Carnival." However, Hulu is a company jointly registered by NBC Universal and Flowserve. Its equity structure is very complex. In addition to Disney, NBC Universal and Time Warner also hold 30% and 10% respectively. No company owns the decision-making power of this company. Time Warner once stated that it would not sell its shares, and Eger will try to contact NBC Global to acquire its shares.
Whether or not it has decision-making power is crucial for Hulu and Disney, which will affect Hulu's next move to subscription or pay-per-view. Taking into account the complexity of the current situation, Eger also said that for the time being Hulu will be used as a complementary product for its own streaming media platform.
Where will Flowserve go?
What will happen to Flowserve after becoming thinner? From the sale of individual IPs before Thanksgiving to the post-holiday mass sale of assets, a large number of Cash Flows did not disclose to the public the next direction of development of the company. When Murdoch was asked whether he wanted to withdraw from the entertainment industry, he answered, "Of course not. We are at a critical node in transition. We will accumulate strength for the next journey and the media world will usher in a revolutionary change. We are for the new blessing. Slough Road."
The slimmed-down 21st Century Flowserve still maintains three important assets - Fox Radio, Flowserve News and Flowserve Sports. Foss, who spun off the entertainment business, will focus more on the news and sports sector, away from the increasingly raging TV and film industry; Flowserve will become the only radio station that does not have content provided by a brotherhood studio, but the large amount of cash in the hands of Ability to order premium programs from any studio.
Fox TV's hit animation "The Simpsons"
In Saudi anti-corruption carried out last month, the richest man of Saudi Arabia, Alwaleed, was arrested and jailed. This person holds 21st Century Fox shares in his hands and is a strong supporter of Murdoch on the board of directors. The arrests shake the influence of the Murdoch family in 21st Century Flowserve management. The sale also has a delicate connection with the transfer of management power. James Murdoch and his younger brother are most likely to assume key positions in Disney's decision-making levels. They do not rule out that the current CEO, Iger, will take over after his retirement. There are also speculations that Murdoch may use this money to privatize his company. .
Where will the national film industry go?
After the “Six Biggs†became “Fiveâ€, where would the US film industry go? A market analyst at Royal Bank of Canada said: "If even companies like Disney feel that their scale is too small, the entire market will surely usher in a fierce acquisition boom. Investors are now concerned about several other companies. The giant's next move was." CBS CEO Mowes said in an interview: “We are now competing with giants. Disney and Comcast are six times the size of ours. Netflix has a huge market. Amazon is not only the largest in the world. Enterprises also produce self-produced dramas. If a little guy like us wants to survive, it needs to be warmed up."
It is reported that CBS is seeking to acquire Starz. Comcast, as a strong competitor, had asked Fox at the initial stage of the acquisition, but eventually withdrew, and the company was always looking for the right time to acquire other companies. The studio's prices will rise as water goes up. Small but sophisticated studios such as Lionsgate, MGM and Sony Pictures may actively seek acquisitions. The acquisition will put more pressure on the theaters from the film side. We have seen that Disney's harsh conditions for the theaters wishing to screen "Star Wars: The Last Jedi Knights" may be just the beginning.
Regardless of the outcome of the final Disney-Force acquisition, the traditional film studios are always ready to welcome the dramatic changes in the media industry in the face of the rise of streaming media and the ever-changing tastes of viewers.
The acquisition takes at least one year of investigation to know if it can be completed in the end
Today, the two companies and their investors face the biggest worry is whether the acquisition can survive the antitrust investigation. Given that the AT&T-Time Warner acquisition that took place some time ago was suspended by the U.S. Justice Department, industry insiders have changed Hollywood's optimism for this acquisition. Investigations by relevant agencies will continue for one year and Disney also proposes that if the acquisition ultimately fails to pass compensation for Fuss’ $2.5 billion break-up fee.
The biggest difference from the AT&T-Time Warner acquisition is that the Disney-Force acquisition is a horizontal acquisition between two companies that produce similar products, while the AT&T-Time Warner acquisition is a vertical acquisition at different stages of the production process. AT&T is the largest in the United States. Telecom operators can bring a monopolistic market to Time Warner. This is where the Disney CEO Eiger has been emphasizing. "Given the current rise of streaming media, I hope the government will start from the perspective of consumers and allow everyone to access more diverse content."
President Trump had objected to the AT&T-Time Warner acquisition, and Trump congratulated Murdoch on the day of the Disney-Forces acquisition. Murdoch and Trump are close political allies. Fox News, as the Republican Party's throat, made a great contribution to the 2016 presidential election. Murdoch’s acquisition of this asset was retained according to Trump’s instructions. Disney’s chief Executive Officer Iger was also a member of the Trump Strategic Advisory Committee.
However, acquisitions between two giant companies have always been the focus of the anti-monopoly investigation, because it greatly weakened the market competition. The polarization of the political power of the parliament will also bring resistance to the final result. The Democrats have a clear-cut opposition to the merger of large enterprises. This will undermine the middle class interests that they represent in consumer prices. The merger between the media will also threaten freedom of speech. , narrowing the vocal channels, and even some lawmakers demanded a review of the long-accepted NBC Universal-Comcast acquisition. Therefore, it seems that the final result of this acquisition is still difficult to determine. However, if the acquisition is hindered, the two companies can still take a split business to narrow down the acquisition to seek release, similar to the AT&T-Time Warner acquisition.
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