Fujifilm is taking over Xerox for $6.1 billion

The Japanese company is snapping up the American copying giant in order to both scale and cut costs in the office printing industry, reports Reuters. Under the deal, Xerox will be called Fuji Xerox and be a subsidiary of Fujifilm. In recent years both companies have struggled as more businesses go paperless. A downside to the takeover: Fujifilm will cut 10,000 jobs at the company to reduce costs.