20th Century Fox is a movie studio where the film The Lazarus Bowl was produced. It is located in Hollywood, California. It is a subsidiary of Walt Disney Studios, a division of The Walt Disney Company. However, this studio, along with 21st Century Fox-related assets (including 20th Century Fox Animation, Blue Sky Studios and FX Networks), was soon to be acquired by Fox Corporation.
Behind the scenes
20th Century Fox is an actual major movie studio based in Hollywood. It is part of News Corporation, one of the world's largest media conglomerates.
The X-Files proved popular during its first run broadcast and the executives at Fox asked Carter to develop another series that would run simultaneously with his first show. In response, Carter developed Millennium, a series that he pitched to Fox as "Seven set in Seattle".
Millennium was first broadcast in 1996. While it continued its initial run, 20th Century Fox released an X-Files movie in 1998. However, Fox decided to cancel Millennium the following year.
In 2001, The Lone Gunmen (TV series) – another spin-off of The X-Files – was briefly broadcast. Although the show's ratings were actually higher than the first-season ratings of The X-Files, only thirteen episodes were broadcast with the last episode airing four months after the pilot episode.
The following year, The X-Files suffered a similar fate when it was canceled due to faltering ratings.
The company was founded on May 31, 1935, as the result of the merger of Fox Film Corporation, founded by William Fox in 1915, and Twentieth Century Pictures, founded in 1933 by Darryl F. Zanuck, Joseph Schenck, Raymond Griffith and William Goetz.
20th Century Fox is a member of the Motion Picture Association of America (MPAA).
On May 7, 2018, shares of Fox rose 5.1% when a report was released that Comcast was in talks with investment banks and firms in order to obtain bridge-financing for an all-cash bid, reportedly worth $60 billion, that threatened the Disney-Fox deal.
On May 29, it was reported that Disney was looking into making its own all-cash counter-offer for Fox assets in the event that Comcast went through with their offer. The next day, Disney and Fox announced that they have set their shareholder vote meetings for July 10, though both companies have stated that Fox's meeting could be postponed if Comcast came through with their offer.
On June 12, AT&T was given approval by District Judge Richard J. Leon to acquire Time Warner, easing concerns Comcast had regarding whether government regulators would block their bid for Fox. Consequently, the next day, Comcast mounted a bid of $65 billion for the 21st Century Fox assets that were set to be acquired by Disney.
On June 14, Bloomberg News reported that the New York Yankees were seeking to invoke a clause in Fox's purchase of stakes in YES Network, allowing them to buy back Fox's stake in the event of a change in ownership (and thus prevent it from being included in the sale).
On June 18, it was reported that Disney will add to its already existing $52 billion claim to contest Comcast's proposed counter-offer for the Fox assets.
On June 20, Disney and Fox announced that they had amended their previous merger agreement, upping Disney's offer to $71.3 billion (a 10% premium over Comcast's $65 billion offer), while also offering shareholders the option of receiving cash instead of stock.
On June 21, Murdoch said in response to Disney's higher offer: "We are extremely proud of the businesses we have built at 21st Century Fox, and firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace at a dynamic time for our industry." That still does not prevent other companies from making a bid, as the deal was needed to be voted on by shareholders. Iger explained the reasoning behind the bid: "Direct-to-consumer distribution has actually become an even more compelling proposition in the six months since we announced the deal. There has just been not only a tremendous amount of development in that space, but clearly the consumer is voting—loudly."
On July 11, 21st Century Fox raised its bid to purchase Sky's assets to $32.5 billion, and $18.57 a share. In response, Comcast increased its bid to $34 billion, and $19.5 a share. At the same time, Fox was given clearance by the British government to purchase Sky. The bidding war for Sky led to some analysts speculating that Comcast could give up bidding for 21st Century Fox in favor of a smaller battle.
On July 12, the Department of Justice filed a notice of appeal with the D.C. Circuit to reverse the District Court's approval for AT&T acquisition of Time Warner (now WarnerMedia). Although analysts say that the chances of the DOJ win are small, they say it is the "final nail in the coffin for Comcast's Fox chase. This is a clear gift to Disney." On the next day, CEO of AT&T Randall Stephenson gave an interview with CNBC, about Comcast's bid for Fox: "It probably can't help it. You're in a situation where two entities are bidding for an asset, and this kind of action can obviously influence the outcome of those actions."
On July 13, Disney received the support of the Institutional Shareholder Services and Glass Lewis, the two most prominent proxy adviser firms in the world. Fox shareholders were recommended by the advisers as means to provide for Disney's future. Also on that same day, British regulators have decided that if Disney purchases Fox's assets before Sky's purchase from either Fox or Comcast, it will be forced to launch a bid for the full ownership of Sky, at a minimum of $18.6 a share.
On July 16, CNBC reported that Comcast is unlikely to continue its bidding war to acquire Fox from Disney in favor of Sky.
On July 18, Bloomberg reported that the Sky board also scheduled July 27, 2018 as the day shareholders vote on selling Sky properties.
On July 19, Comcast officially announced that it was dropping its bid on the Fox assets in order to focus on their bid for Sky. The CEO of Comcast, Brian L. Roberts, said "I'd like to congratulate Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company."
On July 27, Disney and Fox shareholders approved Disney's purchase of Fox's entertainment assets.
- ↑ Walt Disney Company to acquire Twenty-First Century Fox Inc., after spin-off of certain businesses, for $52.4 billion in stock, The Walt Disney Company, December 14, 2017
- ↑ Fox Jumps on Report That Comcast Is Considering Counterbid to Disney, Bloomberg, May 7, 2018
- ↑ Disney rounding up cash to fight off Comcast's rival bid for Fox, Fierce Cable, May 29, 2018
- ↑ Fox And Disney Set Shareholder Meetings For Vote On Merger, Deadline Hollywood, May 30, 2018
- ↑ Decisive AT&T Victory Sets Stage for Comcast to Challenge Disney for 21st Century Fox Assets, Variety, June 12, 2018
- ↑ Comcast makes $65 billion offer to steal 21st Century Fox away from Disney, The Verge, June 13, 2018
- ↑ Yankees Consider Buying Back YES If Fox Sells Assets, Bloomberg, June 14, 2018
- ↑ Disney is expected to add cash to its bid for Twenty-First Century Fox assets, CNBC, June 18, 2018
- ↑ Disney Offers to Take on Sky News for 15 Years; Channel to Get $2 Billion Investment, Variety, June 19, 2018
- ↑ Disney Sweetens Offer for Fox to $71 Billion, Outbidding Comcast, Bloomberg, June 20, 2018
- ↑ The Walt Disney Company Signs Amended Acquisition Agreement To Acquire Twenty-First Century Fox, Inc., For $71.3 Billion In Cash And Stock, The Walt Disney Company, June 20, 2018
- ↑ Fox agrees to Disney's new $71.3 billion offer, rejecting Comcast, CNET, June 20, 2018
- ↑ Disney's Bob Iger On Need For Fox Deal: "The Consumer Is Voting — Loudly", Deadline Hollywood, June 20, 2018
- ↑ Disney wins US antitrust approval to buy Fox assets, CNBC, June 27, 2018
- ↑ Murdoch's Fox increases Sky bid to £24.5bn in takeover battle, BBC.com, July 11, 2018
- ↑ Comcast Raises Bid for Sky as Regulatory Decision Accelerates Sale Process, Variety, July 11, 2018
- ↑ 21st Century Fox Given Clearance To Buy Sky By British Government, Deadline Hollywood, July 12, 2018
- ↑ The DOJ has a slim chance of blocking the AT&T-Time Warner deal, but even that may be enough for Comcast to throw in the towel on Fox, CNBC, July 13, 2018
- ↑ DOJ challenge to AT&T-Time Warner deal could affect Disney and Comcast's bidding war for Fox, says AT&T's Stephenson, CNBC, July 13, 2018
- ↑ Disney's $71 Billion Fox Bid Wins Backing From ISS, Glass Lewis, Bloomberg, July 13, 2018
- ↑ British regulator sets 14 pound floor under Sky shares, Reuters, July 13, 2018
- ↑ Comcast unlikely to raise Fox bid; focused on Sky: Sources, CNBC, July 16, 2018
- ↑ Sky Hearing on Same Day as Fox Vote Complicates Comcast Bid, Bloomberg, July 18, 2018
- ↑ Comcast gives up on buying 21st Century Fox assets and leaves Disney as the winner, The Verge, July 19, 2018
- ↑ TCI Votes in Favor of Disney's Offer for Fox's Assets, Bloomberg, July 25, 2018
- ↑ Fox and Disney Shareholders Vote to Approve $71.3 Billion Merger, The Wrap, July 27, 2018