We are grateful to our shareholders for approving this transaction.
The companies noted that the consideration may be subject to adjustment for certain tax liabilities, and that the stock consideration is subject to a collar, which guarantees that 21st Century Fox stockholders will receive consideration equal to $38 United States dollars in value if the average Disney stock price at closing is between $93.53 and $114.32.
Fox executive chairman and media mogul Ruper Murdoch said that after the move he expects the new combined venture to become " pre-eminent in the entertainment and media industries".
Fortunately for the companies, Fox and Disney's investors were more than happy to vote in favor of the deal; both shareholder meetings lasted just under 15 minutes. Disney could benefit from Fox's entertainment portfolio.
Shares of Fox were down slightly, by 0.3 percent to $45.25 in afternoon trading, while Disney shares were down 0.7 percent to $112.70. Disney plans to launch its own branded streaming service next year.
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"We're incredibly pleased that shareholders of both companies have granted approval for us to move forward, and are confident in our ability to create significant long-term value through this acquisition of Fox's premier assets", Disney CEO Bob Iger agreed in the same statement.
The U.S. Justice Department approved the deal in June, with the stipulation that Disney divest itself of Fox regional sports networks that compete with Disney-owned ESPN.
21st Century will keep Fox News, Fox Sports and the Fox broadcasting network as a separate company.
With this deal, Disney will get ownership of 20th Century Fox movie and television studio, Fox's 22 regional sports channels, (Disney has now agreed to sell of the 22 regional sports networks as part of a DOJ deal), cable channels including FX and National Geographic, and Fox's portfolio of worldwide operations, including a fast-growing pay-TV service in India.