Fox shareholders approve Walt Disney's $71 billion deal

30 Juillet, 2018, 04:45 | Auteur: Auguste Feret
  • Walt Disney has the green light to buy the bulk of 21st Century Fox’s entertainment assets including the film studio behind Avatar

Now that 21st Century Fox Inc. shareholders have signed off on the $71.3 billion sale of its entertainment assets to Walt Disney Co., some investors are already fretting about the next hurdle: regulatory clearance from China. With the merger's approval, the possibilities are now endless, and the idea of The Avengers, Fantastic Four and X-Men all together in one film is now a real possibility.

The shareholder vote caps a saga that began in December 2017, when Disney made its first offer for part of Rupert Murdoch's media conglomerate.

Disney must have really wanted it, though, because after they upped their offer Comcast dropped out, purportedly to instead focus on its battle with Fox to fully acquire Sky.

Disney's cash and stock offer has already received approval from US regulators.

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.

21st Century will keep Fox News, Fox Sports and the Fox broadcasting network as a separate company.

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Fox plans to spin off its news and sports channels, including its flagship Fox News channel, into a newly listed company.

According to Variety, these meetings took place at the New York Hilton and weren't exactly heated debates over the future of each company.

Shares of Fox were down slightly, by 0.3 percent to $45.25 in afternoon trading, while Disney shares were down 0.7 percent to $112.70.

In addition to the Fox movie studio, Disney will gain the Fox Searchlight studio, which produced 2018 Best Picture victor "The Shape of Water" and "Three Billboards Outside Ebbing, Missouri", which won best actress (Frances McDormand) and best supporting actor (Gary Oldman).

Disney has dominated the worldwide box office in recent years, thanks the string of hits from Marvel, Pixar and "Star Wars".

That means two of the biggest film and television companies in the world will be merging to create what will by far and large be the biggest film and television company in the world.

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