Walt Disney Co.’s takeover of 21st Century Fox Inc. took a big step forward July 27 as shareholders approved the proposed $71.3 billion acquisition.
Shareholders of each company reportedly took less than 15 minutes to vote for the acquisition, according to news stories. Robert Iger, chief executive of Burbank-based Disney, announced the proposed acquisition in December.
The deal price was raised after Comcast Corp. submitted a $65 billion bid for Fox assets last month.
Under the acquisition, Disney nets Fox’s movie and television studios, cable television channels, a stake in Hulu and stakes in London network Sky and India television stations.
Disney will not get Fox News, and also must divest from Fox’s local sports affiliates, which directly compete with Disney-owned ESPN Inc.
U.S. Justice Department officials have greenlighted Disney’s proposed acquisition, but it requires approvals from various international regulatory bodies.
Disney yet again this year topped the Business Journal’s list of top Los Angeles County public companies, as measured by market capitalization, despite a 6 percent market capitalization decline to $155.8 billion, compared to last year’s tabulations.
Bloomberg Intelligence Analyst Paul Sweeney told the Business Journal, “Disney’s proposed acquisition of 21st Century Fox has weighed on the stock as investors worried about earnings dilution and potential integration risk if the deal goes through.”
Media and entertainment reporter Matthew Blake can be reached at (323)556-8332 or email@example.com