Fox announced that its shareholders approved Disney’s USD 71 Million purchase of its film and television assets on Friday as results were announced at a shareholders’ meeting in New York.
Disney had to up its bid in June when the largest U.S. cable firm Comcast made a USD 66 Million bid for Fox’s popular TV shows and movie franchises that include “The Simpsons” and “Deadpool 2”. The bidding war between Comcast and Disney was indicative of media companies spending tens of billions of U.S. dollars on deals to compete with the distant leaders in Netflix and Amazon. Comcast dropped its bid last week for Fox’s TV and movie media assets after stating it would the cost wasn’t worth it to outbid Disney.
Disney’s cash and stock offer has received approval from U.S. regulators and the Company, which already owns ESPN, will divest 22 of Fox’s regional sports networks in an agreement with the U.S. Department of Justice.
Fox will separate its Broadcasting network and stations, News Channel, Business Network and sports channels FS1, FS2, and Big Ten Network into a new listed company it will spin off according to Reuters.