Disney's Family Deal Done11/04/2001 7:00 PM Eastern
After weeks of speculation, The Walt Disney Co., managed to whittle down the price of its acquisition of Fox Family Worldwide Inc. by about $100 million. The deal closed on Oct. 24.
In July, Disney had agreed to buy Fox Family from News Corp. and Saban Entertainment Inc. for $3 billion in cash and $2.3 billion in assumed debt. When the deal closed, the price was $2.9 billion in cash and $2.3 billion in assumed debt.
Disney plans to use Fox Family to repurpose some of its ABC broadcast network and cable network programming, and said it would rename the channel ABC Family once the deal was closed.
"We are pleased to have completed this strategic acquisition, and are now turning with excitement to the launch of our new ABC Family service in the United States and the continued expansion of the Fox Kids services, which will ultimately be rebranded, in Europe, Latin America and elsewhere," Eisner said in a statement.