Disney And Fox Shareholders Vote To Approve Historic Merger

Disney and Fox shareholders approve blockbuster $71-billion deal

Disney makes it official: Fox is moving to the mouse house

Shareholders of Walt Disney and 21st Century Fox voted to approve a planned merger worth US$71.3 billion (S$97.1 billion) on Friday (July 27).

The US Government has already given its approval of the purchase, but with the wide reach of the two companies, other countries will need to be worked with.

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

Last month, the U.S. Department of Justice entered into a consent decree with Disney and 21st Century Fox that allows the transaction to proceed, while requiring the sale of the Fox Sports Regional Networks. 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.

The big media-entertainment firms are pursuing deals as they seek to slow the rise of streaming media platforms like Netflix and Amazon, and prepare for the entry into the sector by Silicon Valley giants like Google and Facebook.

At least 50 people killed in wildfires near Athens, Greece
Turkey has offered to send firefighting aircraft to neighboring Greece after twin wildfires tore through areas near Athens . Coast guard and private boats picked up more than 700 survivors from beaches and the sea - but also recovered six bodies.

Now the latest development of shareholder approval clears the path for the Disney-Fox deal to be finalized in early 2019. 21st Century Fox is home to popular franchises such as X-Men , Deadpool , The Simpsons, Ice Age and Planet of the Apes. Fox had 21,700 employees at year-end, according to data compiled by Bloomberg, while Disney has 199,000.

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

Fox executive chairman and media mogul Ruper Murdoch said that after the move he expects the new combined venture to become " pre-eminent in the entertainment and media industries".

The deal still needs to be reviewed by worldwide regulators, and the companies say other "customary closing conditions" are still pending.

Disney will get the film and television studios, cable networks like FX and NatGeo, Fox's 30 percent stake in Hulu, Star India, and Fox's 39 percent stake in European pay TV company Sky.

Latest News