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(Bloomberg) – The shareholders of 21st Century Fox Inc. and Walt Disney Co. approved Friday the sale of Fox's entertainment badets, which brought together one of the largest media mergers in the world. # 39; history.
to the $ 71.3 billion transaction in separate votes at the New York Hilton Midtown in Manhattan. When the deal was announced in December, Disney said it would take 12 to 18 months to shut down – a schedule that the company respects. In the end, a new Fox will appear focused on television, sports and the Fox News Channel.
Disney General Manager Robert Iger must now focus on the many outstanding issues. life after. Here are some of his remaining challenges:
Asset Sales
To gain regulatory approval in the United States, Disney has agreed to divest Fox's 22 regional sports channels. The company already owns ESPN, the largest sports network. Bidders for the properties, which could reach $ 20 billion, can include companies backed by cable company John Malone, private equity and regional broadcasters.
Some badysts also see the possibility that Iger will seek to enter into an agreement with Comcast Corp on the company's 30% stake in Hulu. When Fox's deal ends, Disney will become the majority owner of the streaming video service
Sky's Future
Although Comcast said last week that it will not continue to bid for Fox's badets, the Philadelphia cable television giant the highest bid on the table for British satellite TV provider Sky Plc at $ 34 billion. Disney acquires 39% of Sky as part of the deal with Fox and still has an offer on the table for the broadcaster.
Some badysts suggest that Iger cedes Sky to Comcast, releasing Disney's $ 19 billion.
Staff Decisions
Disney has promised to save $ 2 billion through the merger, which will bring together two of the six largest Hollywood studios
. Much anxiety at Fox and Disney, where overlapping marketing, advertising and distribution departments in their respective film and television units could result in hundreds or even thousands of job cuts. Fox had 21,700 employees at the end of the year, according to data compiled by Bloomberg, while Disney had 199,000.
Some leaders are already negotiating their future, Fox Networks president, Peter Rice, should badume a similar role. business, with the exception of ESPN. Dana Walden, co-president of Fox TV, should lead his television production business
Fox Franchises
Disney has dominated the global box office in recent years, thanks to the series of successes of Marvel, Pixar and "Star Wars ". Post-Fox, Disney studio head Alan Horn will have to make choices on newly acquired greenlight franchises, including "Avatar", "Planet of the Apes" and "Alien", which could also be ripe for extended merchandise and theme park attractions.
Fox has produced several films based on licensed characters from Marvel, including X-Men and Wolverine images, and two "Deadpool" movies that will be returned to Disney with the merger. 19659017] Regulatory Approval
Disney was authorized to purchase Fox's badets from the United States Department of Justice, but was also awaiting approval from the Federal Communications Commission. Besides, the company said in a recent filing that it might need the consent of regulators from 14 countries and the European Union.
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