Movies TV

Disney & Fox shareholders approve the $71.3 billion dollar merger deal

Within minutes sharedholders overwhelmingly gave approval for the massive deal to move forward as planned.

Disney

Disney’s acquisition of a giant chunk of 21st Century Fox is one step closer to completion. During simultaneous New York meetings, as reported by Deadline, Disney and Fox’s shareholders overwhelmingly voted their approval of the $71.3 billion deal for Disney to purchase much of Fox’s assets. Reportedly 99% of Disney shareholders approved of the purchase while Fox is just reporting a majority approved it with the final number of approvals to be reported in the SEC filing that comes later.

After months of deals and a short bidding war between Disney & Comcast that ended recently, the approval votes were reportedly done within ten minutes. Both companies anticipate the deal will be fully closed within the first half of 2019, but now they have to deal with the government and some regulatory issues.

Should everything move forward, Disney will take ownership of the 20th Century Fox film and television studios giving them the rights to various properties including Alien, Predator and more including the rights to Marvel properties including X-Men, Deadpool and the Fantastic Four along with scores of television properties as well

Along with all of that comes the FX & FXX networks, National Geographic and a 30% stake in Hulu that will merge with Disney’s already owned portion to give them a majority stake in the streaming company with Comcast & AT&T’s Warner Media holding the other portions. This comes as Disney is already moving forward with plans to launch two streaming platforms of their own, one focused on ESPN sports and the other focused on all their Disney related properties (including Pixar, Marvel, Lucasfilm, etc).

At the same time Fox will take what is left from the deal, their news and business channels & the broadcast channel, to create a new slimmer company known as New Fox.

While many are focused on what will be gained by Disney, there will also be major losses for others. Shareholders will gain more money on both sides (Fox shareholders are gaining stocks in Disney), but according to many reports, an estimated 5,000 to possibly 10,000 people are looking at lost jobs as the company’s merging will create an overlap of jobs as the studios fully come together.

So yes, fans will get the X-Men/Avengers film they want one day possibly but thousands will be out of work in the process.

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