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Disney and Fox Shareholders Accept the Deal, Ending Corporate Duel



An empire grows. Another shrinks.

In a separate ballroom at the Hilton Hotel in Midtown Manhattan on Friday morning, shareholders in Walt Disney Company and 21st Century Fox met a $ 71.3 billion purchase plan that gives Disney the majority of Rupert Murdoch's media event, significantly changing the entertainment landscape.

Regulators in more than a dozen countries still need to give their approval. But the shareholders' voices gave rise to a six-month corporate competition, led across two continents of Disney and Comcast, for supremacy in the fast-moving media industry. Mr. Murdoch's faith represented a one-in-one-time opportunity to get bulk as a counterattack against the tech giants who have been aggressively moved into Hollywood.

"Avatar", "X-Men" films, "Titanic" And TV shows like "The Simpsons" and "This Is Us" will now be owned by Disney. It adds an already enviable table of contents from divisions that include Lucasfilm, Marvel Entertainment and Pixar Animation Studios. The agreement also provides Disney cable networks FX and National Geographic; a controlling stake in the Hulu streaming service, which has over 20 million subscribers; and Star, one of India's fastest growing media companies.

Someone in Hollywood sees the acquisition as a sad end of an era. Disney acknowledges that the future of television and film shows is online and this move can turn a wave of mergers into the film industry, which has not seen significant consolidation since 1935, when the 20th Century Pictures and Fox Film merged to form the 20th Century Fox

They Are not The Only One Month Before Disney Closed On Fox, AT & T bought Time Warner, which includes HBO and Warner Bros. film and television studios. CBS and Viacom have come across as if they should combine. Comcast will probably make a game for something else as well as trying to win Sky in Europe. Other studios and networks like Discovery, Sony Entertainment, AMC and Lionsgate are looking for opportunities. Verizon, Dish and Charter can also explore possible mergers.

"Everyone has determined that the future holds both content and distribution," said Craig Moffett, a prolonged media analyst.

At the Disney meeting voted , shareholders clean about one element. Disney's final offer consisted of equally large cash and shares – $ 35.7 billion in cash, 343 million shares – and Disney investors had to approve the issue of these shares. The meeting lasted for nine minutes. Disney said that voters control 68 percent of outstanding shares, which are voted by proxy before the meeting. Of these, 99 percent voted to approve. (There was a one-sided voice for disagreement. When Alan N. Braverman, Secretary General of Disney, opened the word for shareholder commentary, a man raised and muttered: "I think we pay too much.")

Despite the importance of the deal and The dramatic way it played out for many months did not take Mr. Iger and Mr. Murdoch into the shareholders' votes. Mr. Iger was on a previously planned overseas trip, and Mr. Murdoch also decided to hold a commitment in California. Mr. Murdoch's sons, James Murdoch, Fox's CEO and Lachlan, Fox's CEO, also disappeared.

The Fox action meeting took place in a much smaller ballroom at the underground level, with less than 60 people present. The meeting lasted less than 10 minutes. But in the end, a long-standing shareholder, Philip Berman, stood on the microphone and said, "Rupert dream is complete."

The agreement ends with Murdoch's government over an entertainment period he used for six decades. He will become a significant minority shareholder in Disney and will continue to run his remaining businesses, such as Fox News, Fox Broadcasting, FS1 cable and newspapers such as The Wall Street Journal, The New York Post and The Sun in the UK.

Disney has had some recent setbacks with its existing businesses. Walt Disney Studios released rare vulnerabilities, released two major budget errors – "A Wrinkle in Time" and "Solo: A Star Wars Story" – and forced out his prolonged animation chief John Lasseter after the staff complained about inappropriate workplace behavior. ABC in May suffered from the breakdown of "Roseanne", the biggest hit; Shonda Rhimes, ABC's biggest hit maker, decamped for Netflix.

Disney is expected to replace Ben Sherwood, who heads the Disney ABC Television Group. Fox has a strong list of candidates, including Peter Rice, President of the 21st Century Fox. Mr. Rice is much seen in Hollywood as a possible successor to Mr. Iger. Dana Walden, a CEO of Fox Television Group, can also join the Magic Kingdom. (Mr. Sherwood can have another perch in Disney.)

Mr. Iger said in a statement after the meetings that he was looking forward to "welcoming 21st Century Fox's amazing talent to Disney and eventually integrating our businesses to provide consumers around the world with more appealing content and entertainment options."

The 21st Century Fox Acquisition is Disney's largest and surpasses its acquisition of Capital Cities / ABC in 1995 for $ 19 billion or about $ 31 billion in today's money. The deal, which brought ESPN into the Disney board, drove Disney for two decades. But cable operations are now in decline and Mr. Iger is aiming to relocate Disney as a streaming giant who can compete with titans like Apple and Amazon. Mr. Iger believes that the Fox assets will overload that plan.

However, there is no guarantee that he will withdraw from the glorious task of integrating Fox, which has a drastically different corporate culture.

And the clock is ticking: After retiring several times, Mr. Iger is scheduled to leave at the end of 2021.


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