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.

More news: Trump Administration to Invite Putin to Visit Washington in Fall

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.)
 
Recommended

Trump pushes for speedy NAFTA renegotiation in Mexico letter
President Donald Trump saying a NAFTA deal would need to happen fast or he would "go a much different route". Trump says that he agrees with four priorities that were outlined by Lopez Obrador in a previous letter.

Democrats want Trump interpreter summoned to testify about his secretive Putin summit
Representative Andy Harris, a member of the Caucus, said: "I disregard and discount anything that involves the mainstream media press".

Senators push sanctions to send Putin election meddling warning
Treasury in April imposed sanctions on Russian officials and oligarchs for election meddling and "malign" activities. Democrats want to continue the money through 2019, but Republicans have said new spending isn't needed.

Amid uproar, Trump says he’s ‘looking forward’ to second meeting with Putin
Earlier Mr Trump rejected a proposal by Mr Putin that Russian Federation be allowed to question United States citizens. He has made contradictory statements over whether he believes Russian Federation interfered in the 2016 US election.

Danica Patrick Parodies 'I, Tonya' at ESPYS with 'Me, Danica'
Much of her opening monologue wasn't well received by the audience in the room or on Twitter . Browns rookie Baker Mayfield won the award for the Best College Athlete .

Alphabet shrugs off EU's record €4.3bn fine
Still, Alphabet's outlook remains tempered by cost concerns, Canaccord Genuity analyst Michael Graham said in a report this month. Today, Google's advertising business alone is responsible for 86 percent of Alphabet's revenues .

Here's when and where thunderstorms are forecast in MA on Tuesday
The threat of strong to severe thunderstorms exists between 2 and 7 p.m., with the heat and humidity breaking by Wednesday . Rain and a scattered thunderstorm is possible Monday night , but thunderstorms and heavy rain are expected for Tuesday .

FIFA The Best Awards: Liverpool’s Mohamed Salah, Jurgen Klopp Nominated
Nigeria's Ahmed Musa is a candidate for the best goal of the just concluded Russian Federation 2018 World Cup . They all make it after impressive campaigns for their respective nations at the World Cup.

Owner says doomed duck boat shouldn't have been in water
Ride the Duck's website carries a statement that the company will be "closed for business while we support the investigation". Passengers on a nearby boat told ABC's "Good Morning America" that the water became rough as the wind picked up.

Here's Why the Netflix Stock Price Dropped 13% Today
Some investors have seen Netflix as the future of television-a sure-to-be dominant hub for all our entertainment viewing. Earnings per share came in at 85 cents, beating the 79 cents predicted by analysts surveyed by Thomson Reuters I/B/E/S.

Sacked Conte thanks players, staff and fans
Conte joined Chelsea in 2016 and led them to the league title in his debut season along with an FA Cup triumph last campaign. Maurizio Sarri is now clear to take over from Conte with just 28 days until the start of the new Premier League season.

Trump Tells CNBC He's 'Not Thrilled' About Rate Hikes
The latest attack by Trump comes amid escalating trade disputes between the U.S. and its trading partners. During an interview with CNBC recorded Thursday, Trump said Fed Chair Jerome H.

InfoWars Founder Alex Jones Banned From Facebook for 30 Days
Jones had been warned by Facebook before; these latest complaints were the last straw that led to the 30-day suspension. Both pages published new posts on Friday morning, with Jones appearing on a livestream on the Infowars page.

Times Brexiteers Talked Down Chance Of 'No Deal' Brexit That Now Looms
And he urged Mrs May to return to the "glorious vision" of Brexit she set out in a speech back in January a year ago . Here's some of the bookies' favourites to replace her as leader of the Conservative Party.

Disney Prevails In Hunt For Fox As Comcast Drops Bid
We wondered how far this race would last, we need wonder no more as Comcast have officially pulled out of the deal to acquire Fox. Increasing the offer by £1 would add $1.5 billion of extra debt, and $60 million in annual interest costs, Disney has said.


More News

News
More News