21st Century Fox shareholders approve Walt Disney’s $71bn deal

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Within eight minutes, the "combination merger proposal" from 21st Century Fox received a majority of votes from its shareholders to approve the deal for Disney to acquire a number of Fox assets.

Nearly like the takeover of a football club, the ongoing saga between Disney and 21st Century Fox has dragged on for a while now.

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

"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. While the merger won't officially happen until the first half of 2019, that hasn't stopped fans from theorizing about how this deal will impact the two companies.

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. But Disney agreed to sell those separately to help ensure regulatory approval for the merger.

It's worth noting that Disney is launching its own streaming service next year, and the Fox library of shows and films will probably be a part of that as well. Let us know in the comment section before Disney acquires us as well! The company already owns ESPN, the biggest sports network. Fox TV studio co-Ceo Dana Walden is expected to lead their TV production business. Post-Fox, Disney studio chief Alan Horn will have to make choices about which newly acquired franchises to greenlight, including "Avatar", "Planet of the Apes" and "Alien", all of which could also be ripe for expanded merchandise and theme-park attractions. Those rights will come back to Disney with the merger. FOX, Fox News, the Regional Sports Networks of Fox, and other asssets are not included in the $71.3 billion purchase. Disney must still clear antitrust hurdles from other governments around the globe, including China and the European Union.

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