• News
  • Entertaiment

Fox Shareholders Approve Walt Disney's $71 Billion Deal

Shareholders have signed off on Walt Disney's plan to buy the film and television assets of Rupert Murdoch's 21st Century Fox for $71bn (£54bn).

Disney expects to pay about $35.7 billion in cash and issue about 343 million New Disney shares to Fox stockholders so that when the transaction closes after final regulatory approval, Fox stockholders will own about 17% to 20% percent of New Disney.

"We're incredibly pleased that shareholders of both companies have granted approval for us to move forward, and are confident in our ability to create significant long-term value through this acquisition of Fox's premier assets", Disney CEO Bob Iger agreed in the same statement. But Roberts and Comcast dropped out of the running for Fox's assets last week, opting instead to focus on its battle with Fox to acquire United Kingdom broadcaster Sky. "I want to thank all of our executives and colleagues for their enormous contributions in building 21st Century Fox over the past decades".

The bidding between Comcast and Disney was part of a bigger battle in the entertainment industry as media companies spend tens of billions of dollars on deals to compete with Netflix Inc (NFLX.O) and Amazon.com Inc (AMZN.O).

Disney was forced to sweeten its offer last month after Comcast Corp (CMCSA.O), the largest US cable company, made a $66 billion bid for Fox's well-known TV shows and movie franchises, including the "X-Men" and "The Simpsons".

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

Disney originally offered $52.4 billion in stock for Fox's assets, but Comcast topped that with $65 billion in cash before Disney again raised its bid to $71.3 billion. While the merger won't officially happen until the first half of 2019, that hasn't stopped fans from theorizing about how this deal will impact the two companies.

Leave Your Comment

Leave Your Comment


Latest News

Breaking News



Recommended

MLB Rumors: Cubs Acquire Pitcher Cole Hamels In Trade With Rangers

Darvish and Chatwood were the centerpieces of the Cubs' offseason, as the two free agent signees cost a total of $164 million. Hamels is a four-time All-Star and the 2008 World Series MVP. "He competes, and he knows what he's doing".

Israel strikes Hamas targets in Gaza after troops attacked

It came hours after Israeli tank and artillery fire in the southeast of the Gaza Strip killed and injured three Hamas fighters. Attacks against Israelis in the West Bank are supported by many Palestinians as pushing back against settlement growth.

Toronto shooter and family are from Jhelum in Pakistan

CBC News has learned from a source close to his family that Hussain was apprehended twice by police while he was under 18. The man was quickly arrested and no one was injured in the incident, the Canadian defense ministry said.

Residents flee in face of massive California wildfire

There have been 3,4000 wildfires in California in the previous year , burning 99,000 acres, according to Cal Fire. More than 1,000 firefighters are battling that blaze, which has scorched 7,500 acres and is only 5% contained.

Nick Jonas: Engaged to Priyanka Chopra! | Engaged, Nick Jonas, Priyanka Chopra

It's been nearly two months since Nick Jonas and Priyanka Chopra confirmed their relationship . There were 10-odd people , so I didn't get the time to get to know him that well.

Facebook market value plunges $119 billion

The stock was down 17 per cent at US$181.25 in premarket trade Thursday, after having closed at US$217.50 in regular trading. Some analysts, however, believe it's more than that. "We think that's the right thing to do for the business", he said.

Demi Lovato Is Reportedly Going to Re-Enter Rehab After Hospital Treatment

Lovato's dogs were barking and the operator told the female caller "If you have any family pets in the home put them in a room". Demi has spoken openly about her battles with addiction, eating disorders, bipolar and depression in the past.

Trump Considers Revoking Security Clearances for Several Obama-Era Officials

Brennan slammed those comments as "nothing short of treasonous " and accused Trump of being "wholly in the pocket of Putin". Clapper told CNN that his security clearance "has nothing to do with how I or any of us feel about the president".

Mars making closest approach to Earth in 15 years

A massive dust storm presently engulfing Mars, however, is obscuring surface details normally visible through telescopes. In 2003, Mars and Earth were at their closest in almost 60,000 years, coming within 34.6 million miles of each other.

Fortnite celebrates birthday with cake, challenges, Playground mode

And the only other changes that the devs mention is that this time around there will be more loot than before. In fact, fun is the name of the game with Fortnite Playground Mode V2 , and the changes reflect that.