Shareholders approve Disney's purchase of most of 21st Century Fox

28 July, 2018, 07:33 | Author: Angelina Schmidt
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Disney's US$71.3 billion acquisition of Twenty-First Century Fox's entertainment division is one step closer after shareholders approves the deal Friday. However, Comcast dropped out of the running earlier this month, clearing the path for Disney to move forward with its purchase.

"Disney realizes that you can't advertise the cost of some of these things over just the theatrical release", Gelfond said.21st Century Fox is the parent company of FOX Business and Fox News.

"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.

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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. Those 21st Century Fox assets left out of the Disney acquisition, including Fox News, Fox Sports, and Fox Broadcasting, are being consolidated under a new entity described in pre-merger talks as "New Fox".

Disney seeks Fox's library and majority ownership in Hulu to launch its own streaming service.

The shareholders' approval puts the historic Disney-Fox deal back on track, after it suffered setbacks following a heated bidding war with Comcast, which derailed talks with its $65 billion cash bid.

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Neither of the two companies' leaders made an appearance. Disney already owns ESPN.

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

Last week, Comcast dropped its pursuit of Fox's film and television studios, cable networks and global TV businesses. 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.

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Disney has received clearance to buy the Fox assets from the U.S. Justice Department, but was also awaiting the approval of the Federal Communications Commission.

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