Disney Buys Fox in Historic $71.3 Billion Deal

Disney Buys Fox in Historic $71.3 Billion Deal

Disney Buys Fox in Historic $71.3 Billion Deal

According to Disney, 99 percent of shareholders approved the move, but Fox simply said that a "majority" had agreed, Deadline reports.

Shareholders from 21st Century Fox and the Walt Disney Company voted to approve the $71.3 billion mega-merger between the two companies.

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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 Broadcasting, Fox News and most of the Fox Sports assets will be spun off into a new company, New Fox, owned by 21st Century Fox shareholders and operated by the Murdoch family. 21st Century Fox announced the results at a special shareholders' meeting in New York, Reuters reported.

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Disney CEO Bob Iger added in a statement that his company is "grateful" to Murdoch and the Fox board "for entrusting us with the future of these extraordinary businesses". In the end, both companies are predicting the deal will close sometime during early 2019.

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. Even more positive news came for Disney when Comcast, another company vying for the Fox assets, dropped out of the deal, giving Disney a clear path to global domin - errrr - victory.

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Disney had been trying to purchase Fox since December, but was forced to enter a bidding war with Comcast, who originally outbid them with an offer of $64 billion before being blown out of the water by a significant counteroffer that, ultimately, they couldn't match.

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