Shareholders approve Disney's $71.3 billion acquisition of Fox

After months of will they/won't they financial reporting, a bidding war with the deep-pocketed Comcast and some concern over the mind-boggling amounts of money involved, The Walt Disney Company is finally on the cusp of purchasing 21st Century Fox and all its yummy mutant flavored intellectual property. With their help, we expect the enlarged Disney and new "Fox" companies will be pre-eminent in the entertainment and media industries. 21st Century Fox announced the results at a special shareholders' meeting in New York, Reuters reported.

According to Variety, the voting was nearly entirely unanimous, with only a single individual voicing his concern that Disney's $71.3 billion offer was too high. We are grateful to our shareholders for approving this transaction. Those 21st Century Fox assets left out of the Disney acquisition, including Fox News, Fox Sports, and Fox Broadcasting, are being consolidated under a new entity described in pre-merger talks as "New Fox". When the Fox deal closes, Disney will become the majority owner of the video-streaming service.

21st Century Fox is one of the world's leading portfolios of cable, broadcast, film, pay TV and satellite assets spanning six continents across the globe.

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.

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Disney was able to clear regulatory and anti-competitive pressure by agreeing to sell-off Fox's local sports affiliates so don't worry NFL fans, no bouncing mouse animations on your Sunday afternoon football games.

The U.S. Justice Department approved the deal in June, with the stipulation that Disney divest itself of Fox regional sports networks that compete with Disney-owned ESPN.

In addition to the film and TV studios and certain character rights, Disney will gain FX Networks, National Geographic, a 30-percent stake in Hulu, a 31.9-percent stake in United Kingdom pay-TV and broadband provider Sky.

(Copyright © 2015. All Rights Reserved.)
 
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