Disney and 21 Century Fox Shareholders Agree Merger

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Shareholders met today at the New York Hilton to vote on the potential merger. There were separate but simultaneous meeting for both companies. Fox’s meeting was kept to about 50 major shareholders, where Disney’s was a bit larger

Shareholders from both Disney and 21st Century Fox have voted to approve the merger between the two companies. Disney will buy out Fox’s movie and television studios and other assets that include a 30% stake in the Hulu streaming service, at about $71 Billion price tag. Disney already owned roughly a 1/3 stake of Hulu prior to this deal, so now it gives them a 2/3 stake in the streaming service.

Gerson Zweifach, general counsel of 21st Century Fox, indicated to their shareholders that the merger should be completed within the first half of 2019.

It looks like the deal is a go as Disney has already got provisional approval for the purchase. But, they must sell off Fox’s regional sports networks within 90 days of closing.

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What’s really interesting is that so far this year the two companies controlled almost 50% of the box office and now Disney will control all of that.

What do you think? Comment and let us know!

Sources: Variety, CNBC

 

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