Jul 27, 2018 11:35 AM EST
Disney/21st Century Fox Merger is Official
The Disney/21st Century Fox merger has officially been approved. Shareholders from both companies held simultaneous meetings today and cast their votes.
Rupert Murdoch, Executive Chairman, 21st Century Fox, said, "Combining the 21CF businesses with Disney and establishing new ‘Fox' will unlock significant value for our shareholders. 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."
Disney Chairman and CEO Bob Iger also commented about the news, saying, "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. 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."
With this deal, Disney will have the film and TV studio assets, as well as cable networks like FX and National Geographic. It will also now have a 30% stake in Hulu.
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