Walt Disney Co. has announced a new organizational structure for its broadcast and cable businesses assuming its deal to acquire 21st Century Fox closes.
Burbank-based Disney will pay $71.3 billion in stock and cash for Fox’s movie and television studios, cable channels along with a controlling stake in streaming service Hulu. After that, certain Fox executives will take leadership roles as that company’s media businesses are incorporated into Disney’s operations.
Peter Rice, president of 21st Century Fox and chief executive of Fox Networks Group, will become chairman of Walt Disney Television and co-chair of Disney Media Networks. Reporting to him will be ABC Television Network, ABC Studios, FX Networks and FX Productions, among others.
Dana Walden, chief executive of Fox Television Group, will become chair of Disney Television Studios and ABC Entertainment. Reporting to her will be Twentieth Century Fox Television and Fox 21 Television Studios, as well as ABC Entertainment, ABC Studios, and other Disney media properties. Walden will report directly to Rice, who reports to Disney Chief Executive Bob Iger.
“The strength of 21st Century Fox’s first-class management talent has always been a compelling part of this opportunity for us,” Iger said in a statement. “Upon completion of the acquisition, this new structure positions these proven leaders to help drive maximum value from a greatly enhanced portfolio of incredible brands and businesses.”
Shares of Disney (DIS) closed Monday up $1.24, or just more than 1 percent, to $116.02 on the New York Stock Exchange.