An M&A lesson from 100 years ago, when Fox made the wrong bets — and ended up merging with 20th Century.

Ryan Reynolds has taken to Instagram to bid a fond farewell to Deadpool's 20th Century Fox days, both the good and the bad, with an image from July 2015 of many of the people who brought it to life.

For all its raunchy fun, "Deadpool & Wolverine" is a love letter to the defunct studio behind the "X-Men" universe.

Can Deadpool and Wolverine work in a joke about how 20th Century Fox failed to establish the Master & Commander franchise, thereby relegating the ships to the Void at the end of the Fox timeline?