Disney, Fox shareholders reportedly approve the $71.3 billion merger
Jul 28, 2018, 07:34
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. Regardless, neither company was swayed by this argument, and the transaction is set to complete sometime in the first half of 2019.
The Department of Justice had already given its conditional approval of the merger, provided Disney divest Fox's regional sports networks, but there was still one major roadblock for the companies - the shareholders. 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.
Neither of the two companies' leaders made an appearance. Let us know in the comment section before Disney acquires us as well!
The companies noted that the consideration may be subject to adjustment for certain tax liabilities, and that the stock consideration is subject to a collar, which guarantees that 21st Century Fox stockholders will receive consideration equal to $38 United States dollars in value if the average Disney stock price at closing is between $93.53 and $114.32.
Fox's entertainment assets, including The Simpsons, will soon become part of Disney.
That should help strengthen Disney's content offering even more as it prepares to launch its standalone streaming service next year.
Disney originally offered $52.4 billion in stock for Fox's assets, but Comcast topped that with $65 billion in cash before Disney again raised its bid to $71.3 billion. 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". 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 addition, the company said in a recent filing it may need consent from regulators in 14 countries and the European Union.
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With the departure date scheduled for March 29, 2019, negotiators have about six months to conclude talks. Economic logic must win through, and therefore we have a very good chance of securing something'.
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