Disney Fox Deal Approved By Shareholders for $71.3 Billion

Disney Fox Deal Approved By Shareholders for $71.3 Billion

Disney Fox Deal Approved By Shareholders for $71.3 Billion

Walt Disney and 21st Century Fox shareholders on Friday voted in favor of their $71.3 billion deal, in which Disney will acquire large parts of Fox, including the 20th Century Fox film and TV studio, Fox's entertainment cable networks and its global assets.

Fox shareholders will also receive shares in Disney as part of the deal.

According to Variety, the voting was nearly entirely unanimous, with only a single individual voicing his concern that Disney's $71.3 billion offer was too high.

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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. Some 99 per cent of Disney investors who voted approved the deal. We are grateful to our shareholders for approving this transaction.

Now with the shareholders' approval in the bag, the Disney acquisition of 21st Century Fox's assets will likely be finalized as early as the first half of 2019.

Neither of the two companies' leaders made an appearance. 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.

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The companies noted that the consideration may be subject to adjustment for certain tax liabilities, and that the stock consideration is subject to a collar, which guarantees that 21st Century Fox stockholders will receive consideration equal to $38 Dollars in value if the average Disney stock price at closing is between $93.53 and $114.32. It will include Disney staples, including the Star Wars and Marvel Entertainment franchises, as well as traditional Disney programming.

Fox, on the other hand, will hold on to a portfolio of news, sports and broadcast businesses, including the Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network, and certain other assets.

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