Shareholders of The Walt Disney Co. and 21st Century Fox voted today to approve the two companies’ $71.3 billion merger, Fortune reports, calling it “a historic move that will change the landscape of entertainment and mass media should the deal go through.”
“The completed deal, expected to become official in first half of 2019, would give Disney control of Fox’s wealth of subsidiaries, including its film studio, FX Networks, and intellectual property, such as X-Men, Avatar, and ‘The Simpsons,'” Fortune reports. “Disney is planning to use its newly bolstered library to launch a streaming service next year to rival Silicon Valley rivals Netflix and Amazon.”
The report notes that each company held its own vote, with both votes lasting less than 15 minutes and receiving near unanimous approval.
“The meetings end a saga of uncertainty over the past six months after Disney entered a bidding war with Comcast to acquire Fox,” Fortune adds. “The former announced its bid in December valued at $52.4 billion in Disney stock, but Comcast in June countered with a $65 billion all-cash bid. Disney, in turn, responded with the current $71.3 billion bid, a mix of stock and cash, and Comcast backed off, deciding instead to focus on British media giant Sky.”