Categories Earnings, IPO, Technology

Disney and 21st Century Fox announce deadline for deal consideration form

The Walt Disney Company (DIS) and Twenty-First Century Fox (FOXA) on Tuesday announced the deadline for Fox stockholders to elect a form of consideration for the takeover deal between the two media giants.

According to a joint statement, the deadline for the shareholders to elect the consideration form would be 5:00 pm ET on March 14, 2019.

Disneys studio entertainment business YoverY revenue growth

The companies also announced that Twenty-First Century Fox is expected to distribute all issued and outstanding shares of Fox Corporation common stock at approximately 8:00 am ET on March 19, 2019 to Twenty-First Century Fox shareholders on a pro-rata basis and for the acquisition to become effective on 12:02 am ET on March 20, 2019.

“There is no guarantee that any (Twenty-First Century Fox) stockholder will receive the form of consideration he, she or it elects on its Election Form if the Acquisition closes. After the Election Deadline, Disney will calculate the amount of cash and/or shares of New Disney common stock to be distributed to each (Twenty-First Century Fox) stockholder based on all valid elections received and in accordance with the Merger Agreement,” read the joint agreement.

A MAMMOTH DEAL

The $71.3-billion Disney offer to buy 21st Century Fox’s entertainment assets has been touted as a gamechanger. With the last quarter of 2018 seeing the companies receive the European Commission approval along with other regulators giving an OK.

The US Justice Department approved the deal in June 2018, after agreeing to divest Fox’s 22 regional sports networks.

This deal looks to unite Mickey Mouse, Luke Skywalker and Marvel superheroes with Fox’s X-Men, Avatar and The Simpsons franchises.

Also Read:  Earnings preview: Jabil needs to undo the declines

Disney now owns ABC, ESPN, Pixar, Marvel Studios and “Star Wars” maker Lucasfilm. The deal would add cable group with FX Networks, National Geographic and over 300 international channels, along with Fox’s stake in Netflix-competitor Hulu.

 

 

Earnings Calendar: Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Cloudera (CLDR) posts narrower loss in Q1, beats estimates

Cloudera Inc. (NYSE: CLDR) reported a narrower loss in the first quarter of 2021 driven by lower costs and expenses as well as higher revenue. The results exceeded analysts' expectations.

CrowdStrike (CRWD): Shift to digital transformation presents huge expansion opportunity

CrowdStrike Holdings Inc. (NASDAQ: CRWD) has witnessed strong momentum with the stock gaining over 96% since the beginning of the year. The company delivered strong results for the first quarter

Why Zscaler (ZS) stock reached all-time high on Monday?

Internet security has been evolving over time, aided by the rapid adoption of cloud computing, the ubiquity of mobile phones, and the growing threats that cause serious problems to enterprises

Top