Welcome home X-Men & Fantastic Four! The deal between FOX and Disney has officially gone through for a whopping seventy-one billion dollars!
Despite rumors of some shareholders trying to oppose the merger, the deal went through without a hitch. This monumental move will reshape the entertainment industry and sadly result in job losses across the board.
Per The Los Angeles Times:
The lightning-quick approval caps Murdoch’s decision in December to accept Disney’s $52-billion bid for Fox’s television and movie studio, cable television channels FX and National Geographic, Fox’s stake in streaming service Hulu, television operations in India and Fox’s 39% stake in London-based pay-TV company Sky.
But Murdoch has Comcast Chairman and Chief Executive Brian Roberts to thank for a more lucrative price. In early June, Comcast made its own $65-billion offer for the same Fox assets, which forced Iger to pony up $19 billion more than Disney’s initial bid to claim the prize.
The Murdoch family, which holds 17% of Fox’s outstanding shares, could come away with Disney stock valued at more than $12 billion.
The structure of the Disney transaction allows shareholders, including the Murdoch family, to take their share of the proceeds in cash or Disney stock. Because the Murdochs are opting for stock, they will become major shareholders in Disney.