Disney, Fox Shareholders OK Acquisition

Shareholders of Walt Disney Co. voted to approve Friday morning the acquisition of the media assets of 21st Century Fox. The Burbank entertainment and media giant will pay $71.3 billion in stock and cash for Fox’s movie and television studios, cable channels and Sky television service in Europe along with a controlling stake in streaming service Hulu. Fox shareholders also approved the acquisition on Friday. Chief Executive Robert Iger said he was confident that Disney will create significant long-term value through the purchase of Fox’s premier assets. “We … look forward to welcoming 21st Century Fox’s stellar talent to Disney and ultimately integrating our businesses to provide consumers around the world with more appealing content and entertainment options,” Iger said in a statement. The U.S. Department of Justice has given its approval for the acquisition by Disney, which includes the sale of the Fox Sports Regional Networks within 90 days of the deal’s closing. Shares in Disney closed down 89 cents, or less than 1 percent, to $112.62 on the New York Stock Exchange.