A green light signal has been given to two major film companies to merge together.
According to the merge, the 21st-century fox will share the television assets and its films with the Disney with the approval of the shareholders form both companies a deal of 71 billion dollars has been finalized.
The announcement regarding the merger was made by both the companies on July 27th saying that the shareholders have given the green signal to move on with the merger.
According to Business Insider, Disney is planning to buy assets from the 21st-century fox like the fox business networks and fox news for dollar 38 a share.
The competition came for Disney by the Comcast when it made an offer of 65 billion dollars to buy the fox assets, which forced Disney to raise the price offer. However, Comcast than finished its bid a week ago, deciding to focus more on its fight to acquire Fox’s broadcaster Sky.
A statement was made by 21st Century Fox’s executive chairman Rupert Murdoch;
In his statement, he explained that the merger of the 21st-century fox’s assets with those of Disney’s will bring great value to the shareholders
He also explained that CF is grateful to its shareholders for allowing the transaction for the merger. The executive chairman thanked the other executives and the colleagues for making a great contribution towards the establishment of 21st Century Fox for past many decades. With continuous help from executives and colleagues, they expect the merger of Disney with Fox will surpass all others in the media and entertainment industry.
The justice department has sent the approval for the merger based on a condition that CF should sell the Fox Sports regional networks.
A statement was released by Robert A.Iger the Chief executive and chairman of Disney;
He said that Disney is very happy to know that shareholders from both the companies have approved the merger to move forward, and also Disney is thankful to the shareholders to believe in the ability of both the companies to form an important long-term value by the acquisition of assets from Fox.
He added that they are very thankful to Rupert Murdoch and to the board of 21st CF for believing in Disney with their company’s extraordinary future for business, and also that Disney is looking forward to welcoming CF’s skills and talent and then to eventually integrate those skills in business to generate more attractive entertainment contents for their consumers around the globe.