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When Disney announced its acquisition of Fox in early 2018, its stock traded around $111 per share. Throughout 2018 and 2019, the stock incrementally rose to approximately $118, reflecting modest growth. However, despite the billions spent to acquire Fox's assets—primarily film studios, distribution rights, and certain IP—the company's overall market capitalization has scarcely changed.
Today, Disney sits around the same share price, roughly $110, with a market cap of approximately $199 billion—essentially unchanged from its pre-Fox acquisition valuation. This paradox indicates that, from the market's perspective, the $70 billion spent on Fox hasn't translated into increased overall value or shareholder wealth.