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The shareholders of Walt Disney and 21st Century Fox on Friday approved Disney's proposal to buy back $ 71.3 billion from Rupert Murdoch's 21st Century Fox – a milestone in a merger that is set to upset the company. entertainment industry.
Formed nearly a year ago around wine between Disney's General Manager, Bob Iger, and Murdoch, at the Moraga Vineyard, on the heights of Belaga, above Bel-Air. Friday's vote was more official: the two companies held separate shareholder meetings simultaneously at the same Hilton hotel a few blocks from Fox's headquarters in midtown Manhattan.
Neither Murdoch nor Iger were present. The meetings, which lasted less than 12 minutes, were conducted by general counselors of the company and other senior staff members
Fox's general counsel, Gerson A. Zweifach , announced that its five proposals had been approved by a majority vote. "Including the merger agreement A few minutes later, at Disney 's meeting, Disney' s general counsel, Alan Braverman, announced that the only action taken by Disney – l '. additional share issue to buy Fox – had also been approved by shareholders.Braverman then adjourned the meeting
Quick approval as the flash marks Murdoch's surprise decision to sell the company. Business that it has built for decades Hollywood was stunned last fall when news of discussions between Disney and Fox first appeared.In December, Murdoch accepted the initial offer $ 52 billion from Fox for the Fox television and movie studio, FX and National Geographic cable television channels, participation in the Hulu streaming service, television operations in India and the 39% Sky: " The way the world "Entertainment and media is changing, scale and global scale are becoming increasingly important because these companies are facing competition from Facebook and Google," said Jim Nail, senior badyst at Forrester. Research. "All these guys are playing catch-up, and Bob Iger made a fake purchase."
Murdoch has Comcast's president and CEO, Brian Roberts, to thank for a more lucrative price. In early June, Comcast made its own $ 65 billion offer for the same Fox badets, forcing Iger to accumulate $ 19 billion more than Disney's original bid to claim the prize [19659007]. The new & # 39; Fox & # 39; will unlock significant value for our shareholders, "said Murdoch, Fox's executive chairman, in a statement." We are grateful to our shareholders for approving this transaction. I would like to thank all our executives and colleagues for their tremendous contribution to the construction of 21st Century Fox over the last few decades. "
Disney expects to pay about $ 35 billion in cash and issue approximately $ 343 million of New Disney shares to Fox shareholders, who will own up to 20% of Disney." may elect to receive $ 38 per share in cash or shares of the "new" Disney.
The Murdoch family, which owns 17% of the outstanding shares of Fox, could obtain Disney shares valued at more than $ 12 Billion By adding Fox's library of series and movies, as well as franchises like "Avatar", "Planet of the Apes" and "Deadpool" from Marvel Entertainment, Disney will have a wealth of popular content. in a new streaming service the entertainment giant Burbank intends to launch next year.Disney would also gain majority control of Hulu, which, according to Iger, will be used for higher rates for adults
"M Being the Fox Library together with Disney will form a library that will make everyone envy, "Nail said. "The Fox Library will help expand the appeal."
The sale should not be finalized until next year. Although the transaction has already received the blessing of President Trump's Department of Justice, both companies still have to obtain regulatory approvals from governments around the world. Disney has also agreed to divest Fox's 22 regional sports networks, including Prime Ticket and Fox Sports West in Los Angeles.
Disney arranged $ 34 billion in funding to help pay for the new badets.
"We are incredibly pleased the shareholders of both companies have given us their agreement to go forward and we are confident in our ability to create significant long-term value through this acquisition of Fox's core badets. Iger said in a statement, "We remain grateful to Rupert Murdoch and the rest of 21st Century Fox's board of directors for entrusting us with the future of these extraordinary companies."
Murdoch, 87 years, and his family will not leave the media, however.The family intends to retain several badets of Fox, including Fox News Channel, Fox Business Network, two national sports networks, television stations and network These properties will form a new company
In addition, the Murdochs also have a controlling interest in the News Corp. publishing company, which holds the Wall Street Journal, the Times of London, Australian newspapers and the publishing house HarperCollins.
Fox shares slipped 23 cents, or half a percent, to close at $ 45.15 on Friday. Fox shares have risen 80% since the news of discussions with Disney became public in late October. Disney's shares closed down 89 cents, less than 1%, to $ 112.62
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