Fox Shareholders Approve Walt Disney's $71 Billion Deal

[appalachiablue]

Last edited Fri Jul 27, 2018, 03:43 PM - Edit history (1)

Source: Reuters

4 hrs. ago.

Twenty-First Century Fox said Friday its shareholders voted to approve Walt Disney Co.'s $71 billion purchase of its film and television assets. Results were announced at a special shareholders' meeting held in New York.

Disney had to sweeten its offer last month after Comcast, the largest U.S. cable company, made a $66 billion bid for Fox's well-known TV shows and movie franchises, including the "X-Men" and "The Simpsons."

The bidding between Comcast and Disney was part of a bigger battle in the entertainment industry as media companies spend tens of billions of dollars on deals to compete with Netflix and Amazon. Last week, Comcast dropped its pursuit of Fox's film and television studios, cable networks and international TV businesses.

Disney's cash and stock offer has already received approval from U.S. regulators. In an agreement with the U.S. Department of Justice, Disney, which owns sports network ESPN, said it would divest 22 of Fox's regional sports networks.

Rupert Murdoch, who owns 17 percent of Fox's voting shares along with his family, could have faced a large capital gains tax bill under Comcast's all-cash offer. Fox will separate the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network and its sports channels FS1, FS2, and the Big Ten Network into a newly listed company that it will spin off to its shareholders. --End, short article.

Read more: https://www.msn.com/en-us/money/companies/fox-shareholders-approve-walt-disneys-dollar71-billion-deal/ar-BBL8qGG

[Blue_Adept]

1. Woo!

A lot of the Fox businesses that are part of this simply couldn't scale any higher in an expanding marketplace and were going to stagnate or simply fail. Lots of good potential now, though a sober recognition of jobs lost when such things happen. But such is the course of business in general over the decades.

[Bleacher Creature]

2. The Fantastic 4 is tailor made for Marvel Studios.

I know people are focused on X-Men, but that's going to take time to sort out in light of all the history (including the movies in the pipeline). But the Fantastic 4 could pretty much work right now. And based on what happens in Avengers 4, there may a need to introduce a character like Reed Richards.

[OnlinePoker]

3. The Simpsons predicted it 20 years ago

?quality=80&strip=all&w=3200

[PoliticAverse]

4. So they can save money by replacing their Fox News hosts with cartoon characters now? n/t

[Auggie]

5. Fox News is not part of the sale.

[Lakerstan]

6. Now give me my Star Wars original theatrical cut!

sorry - have to be a geek about something.

[BumRushDaShow]

8. THIS

Been waiting 41 years for it.

[Roland99]

10. Yes!

[Xolodno]

7. Comcast will now have to write some royalty checks...

They are the parent company of the Universal Studios Theme Parks.

No doubt after this is all finalized, some IP's are going to trade hands.

[mwooldri]

9. Well there's Sky TV to sort out.

Comcast is trying to buy the part of Sky Murdoch's Fox doesn't already own. My understanding is that the bit of Sky TV that Fox owns will be sold to Disney.

If Comcast gets the majority of Sky TV, Disney will probably sell to Comcast.

Oh, and unlike Murdoch, the people behind Comcast will probably pass the "fit and proper" test to hold a TV broadcasting licence... something that Murdoch failed to achieve when he tried to buy the bit of Sky TV he doesn't own the first time around (phone hacking scandal).

[dingosatemyusername]

11. I find it upsetting that Disney owns so much of our culture