Disney and Fox shareholders approve $71.3B merger

Disney and Fox shareholders approve $71.3B merger

"Combining the 21CF businesses with Disney and establishing new "Fox" will unlock significant value for our shareholders", Fox's Rupert Murdoch said in a statement.

Under the Disney Merger Agreement, 21st Century Fox stockholders may elect to receive $38 per share in either cash or shares of New Disney, a new holding company that will become the parent of both Disney and 21st Century Fox (the consideration may be subject to adjustment for certain tax liabilities).

Fox and Disney had originally agreed on a $54.2 billion all-stock deal before Comcast's unsolicited bid.

Upon completion, a new Fox will emerge focused on broadcast TV, sports and the Fox News Channel.

Disney had faced competition from USA cable giant Comcast for the Fox assets, but Comcast retreated after Disney raised its bid last month.

How do you feel about the Disney and Fox merger?

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The Fox deal will help Disney compete with technology players like Amazon and Netflix.

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.

Neither of the two companies' leaders made an appearance. While Disney is the ultimate victor here, remember their original offer was for $52.4 billion; Comcast ended up costing Disney nearly $20 billion. Word is there were few comments from investors at Disney and Fox, and the whole process was apparently done in as little as 10 minutes.

Disney and Fox expect the purchase to be finalized by mid-2019. 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.

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.

Disney still needs deal approval from more than a dozen countries, including China, Russia and regulators from the European Union.

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