Fox and Disney shareholders approve deal for entertainment assets

Fox and Disney shareholders approve deal for entertainment assets

Combining the 21CF businesses with Disney and establishing new "Fox" will unlock significant value for our shareholders.

The U.S. Department of Justice has already approved the transaction.

Fox shareholders on Friday approved the sale of its entertainment assets to Disney for $71.3 billion, reported Bloomberg.

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. With their help, we expect the enlarged Disney and new "Fox" companies will be pre-eminent in the entertainment and media industries. This latest step came during separate Disney and Fox shareholder meetings this morning, when 99% of those present voted to approve the deal.

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Disney CEO Bob Iger added in a statement that his company is "grateful" to Murdoch and the Fox board "for entrusting us with the future of these extraordinary businesses".

Additionally, in the agreement, Fox shareholders will get $38 United States dollars per share in either cash or shares of New Disney, a new holding company that will become the parent of both Disney and Fox.

Disney will acquire 21st Century Fox immediately following the spin-off of the businesses comprising "New Fox" as previously announced.

The deal also includes Fox's collection of regional sports networks, first thought to be some of the most valuable assets in the deal. However, this only succeeded in driving up Disney's offer from the original $52 billion to the $71.3 billion cash-and-stock bid listed today, causing Comcast to drop from the bidding war. 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. In 2017, Disney's Buena Vista held a dominant 21.8% of the movie market share, while 20th Century Fox held 12%.

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