Walt Disney and 21st Century Fox shareholders approved the media companies’ $71 billion deal at separate meetings Friday, bringing Disney’s acquisition of Fox entertainment assets closer to completion, reports Fox News.
Disney announced an agreement to buy a large part of Fox in December, initially offering $52.4 billion for Fox’s film and television studios, among other businesses. After Comcast made a rival bid of $65 billion, Disney raised its offer to $71 billion in cash and stock. Comcast said earlier this month it would cede the bidding war to Disney.
“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 Chairman and CEO Robert Iger said in a statement.
After receiving its shareholders’ approval, Disney is awaiting regulatory reviews outside the U.S. The Department of Justice cleared the transaction last month, saying Disney must sell Fox’s regional sports networks as a condition of its approval. The European Union and others are still evaluating the proposed deal.
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