Disney and Fox shareholders approve $71.3B merger

Disney makes it official: Fox is moving to the mouse house

Disney & Fox Shareholders Approve $71.3 Billion Merger

"Combining the 21CF businesses with Disney and establishing new "Fox" will unlock significant value for our shareholders", said Rupert Murdoch, Executive Chairman, 21st Century Fox. We are grateful to our shareholders for approving this transaction.

Shareholders for both Walt Disney Studios and 21st Century Fox agreed today to finally close the long-brewing deal that sells most of Fox's entertainment assets over to the Mouse House.

Nearly like the takeover of a football club, the ongoing saga between Disney and 21st Century Fox has dragged on for a while now.

Disney's and Fox's special shareholder meetings on the deal took place at New York Hilton Midtown hotel.

Neither Disney CEO Bob Iger nor Fox co-executive chair Rupert Murdoch attended Friday's shareholder meetings.

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 global assets.

With this deal, Disney will get ownership of 20th Century Fox movie and television studio, Fox's 22 regional sports channels, (Disney has now agreed to sell of the 22 regional sports networks as part of a DOJ deal), cable channels including FX and National Geographic, and Fox's portfolio of global operations, including a fast-growing pay-TV service in India.

The two companies continue to vie for satellite broadcaster Sky.

Last week, Comcast dropped its pursuit of Fox's film and television studios, cable networks and global TV businesses. As a result, current 21st Century Fox stockholders will own a 17-20% stake in New Disney on a pro forma basis.

Disney originally offered $52.4 billion in stock for Fox's assets, but Comcast topped that with $65 billion in cash before Disney again raised its bid to $71.3 billion.

Latest News