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21st Century Fox and Disney stockholders approve of acquisition

Disney’s acquisition of 21st Century Fox is one step closer to being done, as stockholders of 21st Century Fox and The Walt Disney Company have approved of the merger agreement with Disney.

“Combining the 21CF businesses with Disney and establishing new ‘Fox’ will unlock significant value for our shareholders,” said Rupert Murdoch, Executive Chairman, 21st Century Fox. “We are grateful to our shareholders for approving this transaction. I want to thank all of our executives and colleagues for their enormous contributions in building 21st Century Fox over the past decades. With their help, we expect the enlarged Disney and new ‘Fox’ companies will be pre-eminent in the entertainment and media industries.”

As part of the deal, 21st Century Fox stockholders can receive $38 USD per share or shares New Disney, the new holding company of both The Walt Disney Company and 21st Century Fox.

“We’re incredibly pleased that shareholders of both companies have granted approval for us to move forward, and are confident in our ability to create significant long-term value through this acquisition of Fox’s premier assets,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company.  “We remain grateful to Rupert Murdoch and to the rest of the 21st Century Fox board for entrusting us with the future of these extraordinary businesses, and look forward to welcoming 21st Century Fox’s stellar talent to Disney and ultimately integrating our businesses to provide consumers around the world with more appealing content and entertainment options.”

The deal has already been given the go-ahead by the U.S. Department of Justice, last month but one stipulation was that Disney would sell of Fox Sports Regional Networks, as Disney already owns ESPN.

Disney will pay around $71.3 billion USD to acquire 21st Century Fox. The deal is expected to officially by 2019.

Source: Disney

By Sachin Bahal

Sachin is a talented and versatile writer with a passion for technology and loves to write about gaming, entertainment, tech and more. He started TheCanadianTechie back in 2012 to become the ultimate, independent source for tech enthusiasts or “techies”.

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