No backlot. That is probably the difference between the low 50B price and the 60B that was tossed around.
My guess is Hulu becomes the outlet for the inherited more adult content, Disney's branded streaming service will cover the more "Disney" properties. Iger came out this a.m. and said Hulu will not become the Disney streaming service, so I'm guessing a content split where Disney can hide a connection with the more adult content will still owning a majority of the system they stream on will be appealing. A huge amount of this deal is predicated on Fox's regional sports channels. If they can't stem the issues at ESPN, Disney has probably overpaid.
The two international pieces are also significant though this provides a slight complication for Fox's takeover of the rest of Sky. Personally I think the regulators in the UK will allow it to proceed as Disney probably holds a better reputation than Murdoch after his well-publicized issues with the Fleet Street tabloids. These international assets aren't really bread and butter fits for Disney so it will be interesting how they handle them.
James Murdoch is not guaranteed a senior job at Disney though it is expected he will be offered one. Iger is looking more and more like a Disney vampire. He's never going to go away without a wooden stake. On the other hand, if this deal works out as well as Marvel and Lucasfilm, most shareholders won't be reaching for the garlic anyway.
The IP is significant. Especially in terms of filling out a Disney streaming service. Owning things like The Simpsons, which is probably as annoying to US as their owning Marvel in Orlando is to WDW, is probably just a bit of small snickering around the Parks Executive Suites. More an irritant and a bit of snide jokes than anything significant.
As for U.S. anti-trust measures, the issue with the studios being a significant force could be a problem. Big anti-trust cases are typically political driven. I'm not going into much of it here, but the current administration could try and thumb their nose at Iger and get in the way of the deal, or look at it as a way of potentially keeping a rival billionaire out of the next election cycle. Iger has been put out as a possible candidate before this deal, but now says he is staying at Disney through '21. Strategically, the current administration might be pleased about keeping him on the political sidelines. Or not. Politicians are hard to predict.
Lion's Gate and MGM are probably looking around in fear of bigger fish, or to see which fish will pay them the most. They are too small to have their own OTT service, but joining with Comcast or being bought out by Netflix or
Amazon might be more attractive.
Theater chains are now shaking in their boots. They are losing leverage with every one of these deals. Of course, they've been consolidating at a rapid rate to try and maintain their leverage, so it's hard for them to complain too much.
Fox's smaller umbrella studios, like Searchlight, is probably going to get cut dramatically. It just doesn't fit with the Disney model of a few large tentpole films per year. I'm guessing the overall output of movies from the Fox families will drop in the years after the acquisition closes. Though Disney will need more films, even middling hits as opposed to just home run sequels, to drive the streaming service.