The possibility of Disney buying 21st Century Fox has been talked about for a while and as of today, might just be a reality.
Shareholders from both Disney and Fox met separately to vote on the pending merger of the companies. According to reports from the meetings, both companies chose to approve the deal.
“We are overpaying for Fox,” protested one voter.
Both meetings were held at the New York Hilton and lasted less than 15 minutes. General counsel Alan Braverman and CFO Christine McCarthy led the Disney meeting and after receiving nearly unanimous approval, adjourned the meeting in less than 10 minutes.
“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.”
“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 Disney Chairman and CEO Bob Iger. “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.”
How do you feel about the merger? If it’s any consolation, Disney will now own the rights to the X-Men and Fantastic Four characters. The big downfall, heavy job losses on both sides of the merger.
The merger is expected to reach completion in the early half of 2019. Now that the sale has been approved, it will still have to jump through a few regulatory hoops before all is said and done.