21st Century Shareholders Fox and Disney have voted to approve Disney's $ 71.3 billion acquisition of large Fox assets.
Shareholders gathered in New York Hilton for separate meetings on Friday morning to vote for the historical transaction that companies first resigned in December. Both meetings were short and lasting less than 15 minutes.
Gerson Zweifach, Advocate General for the 21st Century Fox, told Fox shareholders that the merger is expected to be completed in the first half of 2019. He welcomed the deal as a transformative transaction that would enable us to unlock significant value for our shareholders. "
The Disney collection was short and perfect. The lead by Advocate General Alan Braverman and CFO Christine McCarthy took the poll less than 1
During the discussion before the poll only one shareholder had identified as economics professor at Duquesne University – protested and just said "I think we pay for Fox." Another asked if Disney had plans to move its headquarters outside Burbank, California.
At the Fox meeting, a male shareholder came to the microphone to commemorate Fox's Rupert Murdoch and his legacy in media biz. "Nobody does it like Rupert Murdoch," he said. "I love Rupert Murdoch."
The Fox meeting was held in a small room with about 50 people, reflecting the large holdings held by the Murdoch family and fewer individual investors. Disney held its meeting in one of the hotel's ballrooms, reflecting the broader interest in the company among the general public.
Shareholder Vote sells the deal for Disney after it had been in tamper with Comcast over 21 Century Fox assets, including the 20th Century Fox Studio, FX Networks, National Geographic Partners and other entertainment shares. Following the sale, Rupert Murdoch and Lachlan Murdoch will lead the company now, called New Fox, which will include Fox Broadcasting Co. and Fox's TV station, Fox Sports and Fox News.
Disney and Fox first achieved a buyout deal for $ 52.4 billion in December. Comcast had been running last fall, but the Fox Board chose Disney as better suited for most of Murdoch's Hollywood empire. The shareholders' vote was originally set on July 10, but had to be postponed after Comcast disclosed its offer of $ 65 billion on June 13th. Disney reacted a week later with a sweet offer with a mix of money and shares.
Neither Disney chairman Bob Iger nor Murdoch attended the meeting. Zweifach told Fox shareholders that the date changed for the meeting, creating planning conflicts for a number of Fox members.
Disney has already received Greenlight from the Ministry of Justice for the purchase, on the condition that it sells Fox's 22 regional sports network within 90 days of completion. Disney must still secure a handful of approvals from foreign authorities.
"Combining 21CF companies with Disney and establishing new" Fox "will unlock significant value for our shareholders," Murdoch said in a statement. "We are grateful to our shareholders for the approval of this transaction. I would like to thank all our leaders and colleagues for their huge contribution to building 21st Century Fox in recent decades. With their help, we expect the extended Disney, and new "Fox" companies will be prominent in the entertainment and media industry. "Iger echoed Murdoch's feeling in a statement.
" We are extremely pleased that shareholders in both companies have given approval for us to move on and are sure that we can create significant long-term value through this acquisition of Fox's foremost assets, says Iger. "We are grateful to Rupert Murdoch and the rest of the 21st century Fox Board to persuade us with the future of these extraordinary businesses and look forward to welcoming 21st Century Fox's amazing talent to Disney and eventually integrating our businesses to give consumers around the world more appealing content and entertainment options. "
Brian Steinberg contributed to this report.