Both Disney and Comcast made offers for Fox’s assets, with Comcast offering $65 billion cash. However, after Disney raised their offer to $71.3 billion, Comcast dropped out of the bidding war and cleared the way for today’s vote in favor of Disney.
As part of the deal, Disney is acquiring Fox’s TV and movie studio, FX, Nat Geo, Star India, Fox’s 30% ownership of Hulu, and their 39% ownership of Sky, a European media company. Fox and Comcast are currently trying to purchase the remaining 61% of Sky.
Disney and Fox’s shareholder meetings took place in New York. According to The Hollywood Reporter, Fox shareholders approved the deal within eight minutes. At the Disney meeting, the deal earned approval within eleven minutes.
Disney CEO Bob Iger and Fox Executive Co-Chairman Rupert Murdoch did not attend the meetings.
Source: Hollywood Reporter