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Disney closes $71 billion acquisition of Fox entertainment business after months of negotiations

In addition to boosting the Disney streaming service, expected to debut next year, the deal paves the way for Marvel's X-Men and the Avengers to reunite in future movies.

After months of negotiations, Walt Disney has finally closed its $71 billion acquisition of Fox's entertainment business. Among other things, it paves the way for Disney to launch its streaming service, Disney Plus, due out later this year. It will also likely lead to layoffs in thousands, thanks to duplication in Fox and Disney film production staff. Craig Hunegs, former Warner Bros TV group's head of business and former president of the studio's digital networks wing is taking up the role of president at the Disney Television Studio.