Fox is Now Owned by Disney: Deal Gets Green Light to Proceed

Disney makes it official: Fox is moving to the mouse house

21st Century Fox announced the results at a special shareholders' meeting in New York, Reuters reported.

Since rumors of a merger between the Walt Disney Company and 21st Century Fox emerged last fall, fans have had conflicted reactions to the idea. According to a report via Deadline, Disney claims 99% of their shareholders approved of the merger that would find the House of Mouse controlling Fox's film and television library, gaining them access to countless media properties. Disney stockholders approved the issuance of new common stock that will be distributed to 21st Century Fox stockholders as part of the acquisition.

The vote all but seals the lid on a deal that was almost hijacked by Comcast Corp. when CEO Brian Roberts offered Fox $65 billion for the same assets, forcing Disney to up its initial bid to the now $71.3 billion. But Disney agreed to sell those separately to help ensure regulatory approval for the merger.

Fox executive chairman and media mogul Ruper Murdoch said that after the move he expects the new combined venture to become " pre-eminent in the entertainment and media industries".

The two companies continue to vie for satellite broadcaster Sky. Disney already owns ESPN. After Disney upped its offer, Comcast backed down.

Now with the shareholders' approval in the bag, the Disney acquisition of 21st Century Fox's assets will likely be finalized as early as the first half of 2019.

The deal does not include Fox News, the Fox broadcast network, television stations, Fox Sports 1 and Fox Sports 2. "We remain convinced that the combination of 21CF's iconic assets, brands and franchises with Disney's will create one of the greatest, most innovative companies in the world". Word is there were few comments from investors at Disney and Fox, and the whole process was apparently done in as little as 10 minutes.

In addition, the company said in a recent filing it may need consent from regulators in 14 countries and the European Union.

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