Jul 27, 2018

Shareholders approve Fox Disney deal

Shareholders have signed off on Walt Disney's plan to buy the film and television assets of Rupert Murdoch's 21st Century Fox for $71bn. Disney had faced competition from US cable giant Comcast for the Fox assets, but Comcast retreated after Disney raised its bid last month. Disney hopes the Fox acquisition will make it more competitive with online rivals such as Netflix, by giving it more shows and movies, as well as a bigger stake in the online streaming service Hulu. Fox plans to spin off its news and sports channels, including its flagship Fox News channel, into a newly listed company. Fox shareholders will also receive shares in Disney as part of the deal.

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