Fox Holders Approve Disney Merger and Megadeal Reaches Next Stage

In a historic move, shareholders have approved Disney's acquisition of Fox assets in the amount of $71.3 billion, the companies have confirmed Friday.

"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.

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. This latest step came during separate Disney and Fox shareholder meetings this morning, when 99% of those present voted to approve the deal.

"Ultimately, we pulled back because we thought that we couldn't build enough shareholder value by making the price at which it seemed, in our judgment, to be possible to buy that, which was increasing", the exec said on Comcast's second-quarter earnings conference call in response to an analyst question. I want to thank all of our executives and colleagues for their enormous contributions in building 21st Century Fox over the past decades.

Via CNBC, the long-awaited Disney and Fox deal has already received conditional approval from the government as well, but it won't be an instantaneous merger.

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

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

In June, the US Department of Justice gave its consent for the merger, provided Fox Sports' 22 regional networks were not included in the deal.

As a result of the Fox acquisition, Disney will have a controlling stake in Hulu, with Comcast's NBCUniversal and AT&T's Warner Media splitting the rest.

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.

  • Michelle Webb