Disney And Fox Shareholders Vote To Approve Historic Merger

Disney And Fox Shareholders Vote To Approve Historic Merger

Disney And Fox Shareholders Vote To Approve Historic Merger

The meetings, held separately at the New York Hilton, each lasted less than 15 minutes, ending a saga that officially began in mid-December when Disney finalized its initial $52.4 billion stock offer for Fox.

In the deal, The Walt Disney Company will acquire significant portions of 21st Century Fox, including the 20th Century Fox film and TV studios, the Fox cable TV networks and various worldwide assets. Some 99 per cent of Disney investors who voted approved the deal.

Fox Broadcasting, Fox News and most of the Fox Sports assets will be spun off into a new company, New Fox, owned by 21st Century Fox shareholders and operated by the Murdoch family.

Fox's entertainment assets, including The Simpsons, will soon become part of Disney.

The two companies continue to vie for satellite broadcaster Sky.

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Today was a very important step, though, as shareholders for both companies met to vote on the terms of the deal. This gives Disney a majority 60% stake in the streaming service which ties in nicely to rumors circulating that Disney is launching its own streaming service in 2019.

How do you feel about the Disney and Fox merger? During a brief question and answer period, one said Disney overpaid by as much as US$10 billion.

Neither Disney CEO Bob Iger nor Fox co-executive chair Rupert Murdoch attended Friday's shareholder meetings. While Disney is the ultimate victor here, remember their original offer was for $52.4 billion; Comcast ended up costing Disney nearly $20 billion. Fox had 21,700 employees at year-end, according to data compiled by Bloomberg, while Disney has 199,000. Disney will also now control the rights to such current Fox cinematic franchises as Avatar, Planet of the Apes, Alien, Predator, Die Hard, Kingsman, Ice Age and Night at the Museum.

The deal does not include Fox News, the Fox broadcast network, television stations, Fox Sports 1 and Fox Sports 2.

In addition, the company said in a recent filing it may need consent from regulators in 14 countries and the European Union.

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