Disney's $71bn takeover bid for Fox gets nod from shareholders

The approval now brings the merger with Rupert Murdoch’s media conglomeration one step closer to completion.
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Shareholders have now signed off on Walt Disney’s plan to buy the film and television assets of 21 Century Fox for $71bn.

The approval now brings the merger with Rupert Murdoch’s media conglomeration one step closer to completion.

The plan has already been approved by regulators in the US, but it still needs to get the green light from a number of other territories.

Disney hopes that the Fox acquisition will make it more competitive with online rivals such as Netflix, by taking on more shows and movies as well as holder a bigger stake in the online streaming service, Hulu.

The studio agreed to sell Fox’s 22 regional sports networks in order to win approval from anti-trust regulators at the US Justice Department, while Fox plans to spin off its news and sports channels, including Fox News into a newly listed company.

Fox shareholders will receive shares in Disney as part of the deal and shareholders in both companies signed off on the cash-and-stock transaction at meetings on Friday.

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