After months of negotiations, Disney has finally closed its $71 billion acquisition of Rupert Murdoch’s entertainment business to create a media empire of unprecedented scale. The Walt Disney Co. closed its acquisition of 21st Century Fox shortly after midnight New York time, The Guardian reports. It’s a major boost to the company as it sets out to challenge Netflix with the launch its new streaming service, Disney Plus, later on this year. The deal unites some of world’s biggest entertainment franchises, including Pixar, The Simpsons, X-Men, Deadpool, and Star Wars. In a statement, Robert Iger, Disney chairman and chief executive officer, hailed the move and said: “This is an extraordinary and historic moment for us—one that will create significant long-term value for our company and our shareholders.” However, analysts have predicted as many as 4,000 jobs could be cut as a result of the deal.