Now the latest development of shareholder approval clears the path for the Disney-Fox deal to be finalized in early 2019.
In addition to approving proposals about the acquisition, Fox shareholders agreed to the spinning-off of "New Fox" - the broadcast network Fox, Fox News Channel, Fox Business Network, FS1 and FS2 - while Disney shareholders approved the issuing of new common stocks that will be given to 21st Century Fox stockholders as part of the acquisition.
Fortunately for the companies, Fox and Disney's investors were more than happy to vote in favor of the deal; both shareholder meetings lasted just under 15 minutes.
Last week the Comcast Corporation officially ended its pursuit of the assets Twenty-First Century Fox, and now the shareholders for both The Walt Disney Company and for 21st Century Fox have approved the deal to acquire those assets for $71.3 billion dollars. Disney could benefit from Fox's entertainment portfolio. The doubling of Disney's Hulu shares (making it the majority owner, with 60 percent) comes as Disney is preparing the launch of its own streaming platform to compete with Netflix and other giants in the streaming space.
The deal also includes Fox's collection of regional sports networks, first thought to be some of the most valuable assets in the deal.
"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. Completion of the transaction is subject to a number of non-U.S. merger and other regulatory reviews, and other customary closing conditions.
The two companies continue to vie for satellite broadcaster Sky.
Disney won a bidding war against United States cable company Comcast Corp that had made a $66 billion pitch for some of Fox's most popular television shows and movie franchises, including the "X-Men" and "The Simpsons". Disney is a Dow 30 company and had annual revenues of $55.1 billion in its Fiscal Year 2017.
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