Disney, Fox Shareholders Approve $71.3 Billion Deal
The Mouse and the Fox said "I do" to a marriage of billion-dollar entertainment conglomerates.
At special meetings today, Walt Disney and 21st Century Fox shareholders voted in favor of a $71.3 billion deal in which Disney would acquire most of Fox's entertainment businesses.
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.
Comcast, which had dropped its own $65 billion offer for Fox, is still looking to acquire Sky and has submitted a separate $34 billion bid.
Disney will pay about $35.7 billion in cash and issue 343 million shares to Fox stockholders of "New Disney," as the parent company to Disney and Fox will be called.
Disney expects to pay about $35.7 billion in cash and issue about 343 million New Disney shares to Fox stockholders
Last month, the U.S. Justice Department gave a preliminary go-ahead on the merger if the Fox Sports Regional Networks are sold separately. However, other regulatory agencies will need to give approval as well.
What's left over will now be known as "New Fox" and that includes the broadcast network, Fox News Channel, Fox Business Network, FS1 and FS2.