Disney closes $71B deal to acquire Fox assets
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Disney on Wednesday closed a $71 billion deal with 21st Century Fox.

The entertainment giant now owns several 21st Century Fox properties, including its movie and TV units and holdings in other properties such as Hulu.

According to The Associated Press, the finality of the merger could also result in thousands of layoffs because of duplication in Fox and Disney staffs. 

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Disney will be able to "provide more appealing high-quality content and entertainment options," "increase its international footprint" and "expand its direct-to-consumer offerings," the company said in a statement. 

"Combining Disney’s and 21st Century Fox’s wealth of creative content and proven talent creates the preeminent global entertainment company," Disney Chairman and CEO Robert Iger said in the statement. 

This also makes it easier for Disney to release a streaming service called Disney+, which is set to launch this year, according to the AP. It will allow Disney to offer viewers popular TV shows such as “The Americans,” ″This Is Us” and “Modern Family.”

Fox News, Fox Sports and Fox Broadcasting are not part of the agreement. 

This merger comes on the heels of last years AT&T-Time Warner merger for $81 billion.

The Hill has reached out to Disney for comment.