Culture

Nod for Disney's US$71.3B acquisition of Fox entertainment

Nod for Disney's US$71.3B acquisition of Fox entertainment”

Disney's and Fox's shareholders held their meetings on the deal at the New York Hilton Midtown hotel, voting on their approval of the $71.3 billion deal within eight minutes of meeting, according to The Hollywood Reporter. Under the deal, Disney and Fox now own a controlling interest in Hulu, with rival Comcast owning the remaining shares of that shared company.

The deal means that blockbuster properties, such as the Disney-owned, Marvel X-Men and Avengers franchises and 21st Century Fox's Deadpool and Avatar, will be united under one umbrella.

Fox will separate the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network and its sports channels FS1, FS2, and the Big Ten Network into a newly listed company that it will spin off to its shareholders.

Late previous year, Disney revealed its multi-billion dollar plans to buy the majority of Fox's assets, films, and TV shows.

Gerson Zweifach, general counsel of 21st Century Fox, told Fox shareholders that the merger is expected to be completed in the first half of 2019, Variety reports.

How do you feel about the Disney and Fox merger?

The two companies continue to vie for satellite broadcaster Sky. So while we've been hearing about the Disney-Fox deal since last fall, it's still just shy of the finish line. Let us know in the comment section before Disney acquires us as well! While Disney is the ultimate victor here, remember their original offer was for $52.4 billion; Comcast ended up costing Disney nearly $20 billion. I want to thank all of our executives and colleagues for their enormous contributions in building 21st Century Fox over the past decades.

Last month, the U.S. Department of Justice entered into a consent decree with Disney and 21st Century Fox that allows the transaction to proceed, while requiring the sale of the Fox Sports Regional Networks. Disney must still clear antitrust hurdles from other governments around the globe, including China and the European Union.



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