Disney is officially buying Fox studios for $71 billion

Sergio Cunningham
July 28, 2018

Meeting in NY, a majority of the Disney shareholders approved the deal after only 8 minutes, with the package including Fox's 39 percent stake in the European pay TV company Sky which Comcast is still pursuing. Disney responded with a counter of $71.3 billion, a mix of cash and stock, dealing what ended up being the finishing blow to Comcast. I want to thank all of our executives and colleagues for their enormous contributions in building 21st Century Fox over the past decades.

Disney's $71.3 billion acquisition of Twenty-First Century Fox's entertainment division is one step closer after shareholders approved the deal Friday.

Only time will tell how Disney plans to make use of Fox's assets, but based on the former's acquisitions of other major entertainment studios, significant changes could be coming to the way Fox does business in the future. "With [all of our executives and colleagues"] help, we expect the enlarged Disney and new "Fox' companies will be pre-eminent in the entertainment and media industries".

Additionally, in the agreement, Fox shareholders will get $38 Dollars per share in either cash or shares of New Disney, a new holding company that will become the parent of both Disney and Fox. Disney already owns ESPN.

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To satisfy the taste buds of the VIP and A-list guests, catering is being looked after by Foodlink Banquets and Catering. The highlight of the evening was Laduree, the French luxury bakery and candies maker house known for their macarons.

Final voting tallies from the 21st Century Fox and Disney special meetings are subject to certification by the companies' respective inspectors of elections, and will be included in reports to be filed by 21st Century Fox and Disney with the Securities and Exchange Commission.

The deal will not only give Disney Fox's film and TV studio assets, including several key franchises like Fantastic Four, The Simpsons and X-Men, but it will also gain a couple of cable networks, including National Geographic and FX, as well as a 30 percent stake in Hulu.

21st Century will keep Fox News, Fox Sports and the Fox broadcasting network as a separate company. In 2017, Disney's Buena Vista held a dominant 21.8% of the movie market share, while 20th Century Fox held 12%.

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