I think that the fox purchase was a long-term play as part of its streaming strategy. It gave them access to a bigger catalogue of movies and shows and kept another competitor from releasing another streaming platform. It also gave them a majority stake in Hulu that they didn’t have before.
They specifically let the live tv content such as Fox News, the fox affiliates, and fox sports and the regional sports networks out of the deal because they weren’t interested in non-ondemand content
We won’t truly know if the fox purchase was a waste of money until we see if the Disney streaming experiment was a failure or not. If it survives the price hikes without losing to many subscribers then it probably won’t be