Independent reporting based on publicly disclosed corporate filings, earnings releases, and contemporaneous news coverage of ownership changes involving The Walt Disney Company, 21st Century Fox, Fox Corporation, News Corp, and Comcast.
Disney Fiscal 2025 Results
The Walt Disney Company reported results for the fiscal year ended September 27, 2025. Full-year revenues increased 3 percent to $94.4 billion from $91.4 billion in the prior year. Fourth-quarter revenues were $22.5 billion, comparable to the year-earlier period. Net income attributable to Disney rose to $12.4 billion from $5.0 billion, and diluted earnings per share from continuing operations increased to $6.85 from $2.72.
Segment operating income for the full year rose 12 percent to approximately $17.6 billion. The Experiences segment (theme parks, cruise line, and related businesses) generated full-year revenue of $36.2 billion (up 6 percent) with operating income near $10 billion (up 8 percent). Fourth-quarter Experiences results were supported by cruise-line growth and stronger performance at international properties. The Entertainment segment reported full-year revenue of $42.5 billion (up 3 percent) and operating income of $4.7 billion (up 19 percent), with streaming revenue and operating income improving in the fourth quarter. Sports (including ESPN) showed modest quarterly revenue growth offset by higher costs associated with the launch of a direct-to-consumer service.
Disney operates through three primary segments—Entertainment, Sports, and Experiences—and holds major brands including ABC, ESPN, Pixar, Marvel, Lucasfilm, and 20th Century Studios. Headquarters remain in Burbank, California.
2019 Acquisition of 21st Century Fox Entertainment Assets
On March 20, 2019, Disney completed its acquisition of the majority of 21st Century Fox’s entertainment assets in a transaction valued at approximately $71.3 billion. The acquired businesses included the 20th Century Fox film and television studios, FX Networks, National Geographic, Star India, and a stake that raised Disney’s ownership of Hulu to a controlling 60 percent. Content libraries encompassing franchises such as Avatar, X-Men, The Simpsons, and others transferred with the deal.
Assets excluded from the transaction—the Fox broadcast network, Fox News Media, Fox Sports, and Fox Television Stations—were separated into a newly formed company, Fox Corporation, which began independent operations on March 19, 2019. The remaining Fox Corporation has remained under the control of the Murdoch family.
Background of the 2013 News Corporation Split
The corporate structure originated in a 2013 separation of the original News Corporation. Publishing assets (including newspapers such as The Wall Street Journal, The Times, and The Sun, plus HarperCollins) were placed in a new News Corp. Entertainment and television assets remained with the renamed 21st Century Fox. Both entities continued under Murdoch family influence. In 2022–2023 a proposal to recombine Fox Corporation and News Corp was considered and later withdrawn.
2018 Contest for Sky
In parallel with the Disney–Fox negotiations, a bidding contest developed for Sky plc, the European pay-television operator in which 21st Century Fox held an approximately 39 percent stake. Comcast withdrew from pursuit of the broader Fox entertainment assets in July 2018 to focus on Sky. The UK Takeover Panel conducted a one-day auction; Comcast’s final bid of £17.28 per share prevailed over Fox’s offer, valuing Sky at roughly $40 billion. Fox subsequently sold its stake to Comcast, which completed the acquisition of the remaining shares. Sky’s platforms across the UK, Ireland, Germany, Austria, Italy, and related markets transferred to Comcast ownership. Disney proceeded separately with the acquisition of the Fox entertainment assets completed the following year.
Public Record Character of the Transactions
The ownership changes described above were disclosed through regulatory filings, earnings releases, and extensive contemporaneous reporting by established financial and media outlets. They involved open auctions, regulatory reviews, and documented share transactions. No material in the reviewed public record indicates undisclosed coordination or non-public manipulation beyond ordinary large-scale corporate competition and restructuring.
Primary sources for the figures and sequence include Disney’s fiscal 2025 earnings release, SEC filings describing segment operations and the 2019 transaction, and contemporaneous accounts from outlets covering the 2018 Sky auction and the 2013 and 2019 corporate separations.
Teleprompt angles
- Open with Disney FY2025: revenue $94.4 billion (+3%), net income $12.4 billion, diluted EPS $6.85.
- Experiences: $36.2 billion revenue (+6%), operating income near $10 billion (+8%).
- Anchor the timeline: 2013 News Corp split → 2018 Sky auction (Comcast) → March 2019 Disney acquires Fox entertainment assets (~$71.3 billion); Fox Corp keeps broadcast/news/sports under Murdoch control.
- Close: these moves were public-record filings, auctions, and share deals—not evidence of undisclosed coordination beyond ordinary corporate competition.