Disney/Fox Deal Approved

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Thanos, meet Magneto. Professor Xavier, meet Doctor Strange.

That’s right. It looks like another big step has been taken in the potential merger between Disney and Fox. Variety is reporting that shareholders for both companies have approved Disney’s $71.3 billion buyout of Fox’s major assets. Shareholders gathered Friday morning at the New York Hilton in separate meetings to vote on the decision.

Each meeting took less than 15 mintues.

Fox shareholders, about 50 in attendance, were seated in a small room, whereas Disney’s meeting was held in one of the hotel’s ballrooms. This vote seals the deal for Disney. Winning a bidding war with Comcast, Disney will take ownership of 21stCentury Fox assets, including the 20th Century Fox studio, FX Networks, National Geographic Partners and other entertainment assets. The Murdoch family will now head the company dubbed New Fox, which will comprise of Fox Broadcasting Co., Foz’s TV station group, Fox Sports and Fox News.

The merger is expected to be completed in the first half of 2019. The Justice Department has approved of the purchase, on the condition that Disney must sell Fox’s 22 regional sports networks within 90 days of closing. Disney CEO Robert Iger was quoted saying, “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.”

Iger continued, “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.”