21st Century Fox to be acquired by Walt Disney Company

Date Closed

March 20, 2019

Lead Office


On December 14, 2017, 21st Century Fox ("21CF") announced that it has entered into an agreement to be acquired by the Walt Disney Company for US$71 billion. The transaction will include Twentieth Century Fox Film and Television studios, cable entertainment networks and international television businesses. Disney will also assume approximately US$13.7 billion of net debt. It is expected that the acquisition will bolster Disney's challenge to Netflix and other emerging rivals in the world of direct-to-consumer video.

21CF is a multinational mass media company. Headquartered in New York, the company has produced film and television titles such Avatar, The Grand Budapest Hotel, and The Simpsons.

Disney is one of the largest media and entertainment companies in the world. Headquartered in California, its business segments include media networks, parks, consumer products, studio entertainment, and streaming services.

McCarthy Tétrault LLP is advising 21CF on competition law matters with a team led by Jason Gudofsky that includes Kate McNeece.