×
You will be redirected back to your article in seconds

Fox Sets Shareholder Vote on Disney Sale

Shareholders in 21st Century Fox will get their chance to determine whether the company sells the bulk of its assets to Walt Disney or instead considers a potential offer for the vaunted properties from Comcast Corp.

Fox intends to convene a July 10 investor meeting to vote on a $52.4 billion agreement to sell Fox assets like FX and the 20th Century Fox studio to Disney, Fox said Wednesday.  The move sets in motion a potential showdown between the California entertainment titan and the Philadelphia cable giant for a passel of Fox assets that would aid either company in an ongoing battle to stay competitive in an era when new streaming-video companies like Netflix and Amazon are pulling more of the industry’s strings.

Comcast last week indicated it was preparing an offer for the Fox assets that would be “at least as favorable to Fox shareholders as the Disney offer.” Disney is set to purchase FX and National Geographic; various TV and movie production studios; Fox’s stake in satellite broadcaster Sky; and a bunch of regional sports cable networks that would help bolster ESPN. Comcast had tried to insert itself into the matter previously as Fox and Disney began talks, but was rejected. The new move was clearly aimed at shareholders and is designed to serve as a brake on investor appetites, signaling that an offer better than Disney’s could lie in the offing.

Under the terms of Disney’s proposed deal for Fox, the Murdoch family-controlled company would be on the hook to pay a breakup fee of $1.52 billion if Fox pulls out of the pact for any reason not related to a regulatory block of the transaction.

Fox said its board of directors recommended stockholders vote in favor of the proposal to sell to Disney.

The company nodded vaguely to Comcast’s offer, telling shareholders it has the ability to “postpone or adjourn the special meeting of its stockholders to allow reasonable additional time for the filing, mailing, dissemination and review by its stockholders” of any disclosure by its new suitor.

 

 

 

 

More Biz

  • Hipgnosis Acquires Catalog From Jeff Bhasker

    Hipgnosis Acquires Catalog From Bruno Mars-Harry Styles Collaborator Jeff Bhasker

    Hipgnosis Songs Fund has acquired a music catalog from five-time Grammy-winning producer, songwriter and musician Jeff Bhasker. Terms of the deal were not announced, but Bhasker has worked extensively with such artists as Mark Ronson and Bruno Mars (on “Uptown Funk” and Mars’ “Unorthodox Jukebox” album), Kanye West (“808s & Heartbreak” and “My Beautiful Dark Twisted [...]

  • Kasi LemmonsNew York Women in Film

    Kasi Lemmons, Jane Rosenthal, Ann Dowd Talk Golden Globes Female Director Snub

    The absence of women among director nominees for the Golden Globes is another example of how much work remains to be done to achieve gender parity in the entertainment industry, honorees said Tuesday night at the 40th annual Muse Awards presented by New York Women in Film and Television. “Harriet” director Kasi Lemmons, “The Irishman” [...]

  • Juice WRLD - Jarad HigginsWireless Festival,

    Juice Wrld Streams Climb Nearly 500% After His Death

    As often happens after an unexpected death, Juice Wrld’s music soared in popularity after his passing on Sunday, with streams climbing nearly 500% on that day alone. On-demand audio streams for the rapper, who died at the age of 21 after suffering a seizure at Chicago’s Midway Airport, climbed 487% on Sunday to more than [...]

  • Netflix headquarters in Los Gatos, California,

    Netflix Ordered to Stop Poaching Fox Employees

    A court on Tuesday issued an injunction barring Netflix from poaching employees from Fox and confirming the validity of fixed-term employment agreements. The ruling marks a hard-fought victory for Fox — now owned by Disney — which set out three years ago to stop Netflix from raiding its employees. Netflix had sought to invalidate Fox’s [...]

  • Harry Styles performs at the Greek

    First Look at Harry Styles' Ticket-Giveaway Bus (EXCLUSIVE)

    Harry Styles announced Tuesday he is partnering with American Express to give away tickets to his concert at the Forum in Los Angeles on Friday — on a special custom bus. At the show, “Harry Styles Fine Line Live: One Night Only!,” the singer is expected to perform his entire new album, which is also [...]

  • Weeknd

    The Weeknd Takes Top Two Spots on Rolling Stone Singles Chart

    Fighting off a seasonal surge from Mariah Carey’s “All I Want for Christmas Is You,” The Weeknd’s two new singles topped the Rolling Stone Top 100 songs chart this week. “Heartless” and “Blinding Lights,” both of which dropped last week, rocketed to No. 1 and 2 respectively with more than 40 million streams between them. [...]

  • The Olympic Rings adorn an event

    NBCUniversal Expects More Than $1.2 Billion in Ads for Tokyo Olympics

    Madison Avenue is rushing to get money down in NBCUniversal’s broadcast of the 2020 Olympics from Tokyo, the latest big TV-sports event to spark heavier demand from advertisers at a time when finding truly big media audiences has grown more difficult. NBCUniversal said it is on track to take in more than the $1.2 billion [...]

More From Our Brands

Access exclusive content