Disney, Fox deal will result in blockbusters, IMAX CEO says

Disney and Fox

Fox Broadcasting, Fox News and most of the Fox Sports assets will be spun off into a new company, New Fox, owned by 21st Century Fox shareholders and operated by the Murdoch family. We are grateful to our shareholders for approving this transaction.

Walt Disney and 21st Century Fox shareholders on Friday voted in favor of their $71.3 billion deal, in which Disney will acquire large parts of Fox, including the 20th Century Fox film and TV studio, Fox's entertainment cable networks and its worldwide assets. Disney expects to pay a total of about $35.7 billion in cash and issue approximately 343 million New Disney shares to 21st Century Fox stockholders. The Fox deal will help Disney compete with technology players like Amazon and Netflix. Both companies' investors reportedly approved in separate votes at the New York Hilton Midtown in Manhattan.

Unsurprisingly, it takes some time to complete a mega-merger between two of the biggest media companies in the world.

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In June The Walt Disney Company signed an amended acquisition agreement with 21st Century Fox for $71.3 Billion ($38 per share in cash and stock). Disney (DIS) will get Fox's (FOXA) movie studio, which includes franchises like "Avatar" and "X-men", along with cable channels like FX and National Geographic.

Last month, the U.S. Department of Justice entered into a consent decree with Disney and 21st Century Fox that allows the transaction to proceed, while requiring the sale of the Fox Sports Regional Networks. Even more positive news came for Disney when Comcast, another company vying for the Fox assets, dropped out of the deal, giving Disney a clear path to global domin - errrr - victory.

As a result of the Fox acquisition, Disney will have a controlling stake in Hulu, with Comcast's NBCUniversal and AT&T's Warner Media splitting the rest.

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