The Consevative Comic Collector: Global Domination or CBM Renaissance
This week the details were announced of a monumental merger in Hollywood. With Disney buying 21st Century Fox. We knew it was coming and as comic fans we were rejoicing, because finally the X-men and Fantastic Four can come home. It will be great to have first family and the children of the atom back (cameo possibilities alone!), is it truly a good thing in the broader scope?
One company having this much control of global media is not really a good thing. There is a reason why we have anti-trust laws to prevent this very scenario. With Disney controlling so much of the market they can actually control what Time Warner and Universal do with its properties and when they are released. Imagine, Batman is scheduled to be released and Disney announces the first Avengers vs X-men movie to be released the same day. It would tank the Batman premiere.
Then there is fact that one company now has the majority control of the entertainment we will be offered as a global society. They can control the narrative of our entertainment. Thus potentially shape the views our society finds both acceptable and unacceptable.
I know that sounds paranoid but when I was a kid I never thought smoking pot would be thought of as so blase. I couldn’t imagine the movies I had to watch late at night on Cinemax would be played during prime time, but here we are.
Disney has a track record of pushing a Social Justice agenda to a younger and younger audience. Including this past summers Beauty and the Beast where Lumerre was made into a gay character. Why do we need to even know the sexual preferences of characters in a children’s movie?
Now I know there are plenty of people who are reading this that agree with Marvel and Disney’s stance on social diversity. What happens when you no longer agree?
Just like when Democrats rejoiced when a Democrat controlled congress changed how presidential nominees for all executive-branch positions can now be passed with a simple majority instead of the age old tradition of a super majority. This was then used against them this year to push forward with President Trump’s cabinet appointees.
Sure you like it now but what about when the narrative changes on you? Will you still like it then? Or will you be upset that we allowed this to happen?
Oh well, just something to think about… meanwhile here are some key elements of the transaction unveiled Thursday morning:
- The deal values the 21st Century Fox assets in the transaction at $66.1 billion, including $13.7 billion in 21st Century Fox debt, or $28 a share. The enterprise value of the deal is $69 billion.
- Disney chairman-CEO Bob Iger has extended his contract with the company for another two years, through the end of 2021, in order to oversee the integration of the assets.
- 21st Century Fox shareholders will receive 0.2745 Disney shares for each Fox share held, giving Fox shareholders about 25% of Disney.
- 21st Century Fox will spinoff Fox Broadcasting Co., Fox Sports, Fox News, Fox Television Stations and a handful of other assets into a new company that will have revenue of $10 billion and earnings of about $2.8 billion. The 20th Century Fox lot in Century City will also remain with the spinoff Fox company.
- 21st Century Fox will continue to pursue its acquisition of the remaining 61% stake in Euro satcaster Sky that it does not already own with the intention of Disney taking it over when the Disney-Fox transaction is completed.
- Disney expects to realize $2 billion in cost savings from combining Disney and Fox’s overlapping businesses within two years of the deal’s closing.
- Disney expects the regulatory review of the acquisition to take as long as 18 months.