GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Disney-Fox Megadeal Gets Shareholder Approval

The USD 71.3 billion deal will give Disney prized assets being sold by Rupert Murdoch's group, which include the Fox studios in Hollywood and important film and television production operations.

PTI

Updated:July 27, 2018, 11:04 PM IST
facebookTwittergoogleskypewhatsapp
Disney-Fox Megadeal Gets Shareholder Approval
The main gate of entertainment giant Walt Disney Co. is pictured in Burbank. (Image: Reuters)
Loading...
New York: A media-entertainment megadeal enabling Walt Disney Co. to take over a large part of the Murdoch family's 21st Century Fox empire moved a step closer to fruition today as shareholders of both firms approved the tie-up.

The USD 71.3 billion deal will give Disney prized assets being sold by Rupert Murdoch's group, which include the Fox studios in Hollywood and important film and television production operations.

"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," said Disney chairman and chief executive Robert Iger.

Once completed, the transaction will create a slimmed-down "new Fox" focused on the Fox broadcast TV network, Fox News and some sports operations.

Rupert Murdoch, 87, who holds the title of executive chairman at 21st Century Fox with his son Lachlan, said that a "new Fox" would "unlock significant value for our shareholders."

Disney, which operates the ABC television network and ESPN sports channels, won a bidding war for the assets with US cable and entertainment group Comcast, which dropped its pursuit earlier this month while maintaining it would focus on acquiring the British-based pay TV group Sky.

Comcast has been in a bidding war for Sky with Fox, with already owns 39 per cent of the UK operator.

The big media-entertainment firms are pursuing deals as they seek to slow the rise of streaming media platforms like Netflix and Amazon, and prepare for the entry into the sector by Silicon Valley giants like Google and Facebook.
| Edited by: Padmaja Venkataraman
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 788.65 -13.08
Reliance 1,151.30 -1.07
Infosys 705.35 1.45
Dewan Housing 235.90 -12.24
Yes Bank 231.90 -6.83
Company Price Change %Gain
Reliance 1,148.90 -1.27
Indiabulls Hsg 788.85 -13.17
La Opala RG 215.25 0.00
Dewan Housing 236.30 -12.34
Infosys 704.50 1.16
Top Gainers
Company Price Change %Gain
HCL Tech 1,024.25 2.08
Infosys 705.35 1.45
ITC 286.45 1.34
Wipro 323.15 1.29
Coal India 279.90 1.27
Company Price Change %Gain
ITC 286.35 1.34
Wipro 324.00 1.20
Infosys 704.50 1.16
Coal India 279.65 1.14
HUL 1,561.05 1.08
Top Losers
Company Price Change %Gain
Indiabulls Hsg 788.65 -13.08
Bajaj Finance 2,150.50 -6.86
Yes Bank 231.90 -6.83
Adani Ports 313.90 -5.83
BPCL 285.15 -5.61
Company Price Change %Gain
Yes Bank 231.75 -6.85
Adani Ports 314.30 -5.62
Maruti Suzuki 6,878.70 -3.79
Tata Motors 179.20 -3.40
Tata Steel 554.65 -3.39

Live TV

Loading...
Loading...