Last month, the shareholders of Fox and Disney (DIS) approved the proposed acquisition of Fox’s assets by Disney for $71.3 billion. The deal is expected to close in the first half of next year. Prior to that, in June, Disney received US regulatory approval for its purchase of Fox’s assets on the condition that 22 of the latter’s regional sports networks must be divested.
Disney and Comcast (CMCSA) were locked in a battle for Fox until recently when Comcast decided to drop the pursuit and focus on its bid for British firm Sky plc (SKY). In its attempt to acquire Sky, Comcast is facing off against Fox. Currently, Comcast holds the higher offer compared to Fox for Sky.
The Disney deal led to a growth in Fox’s stock price of about 75% during the fiscal year 2018, creating massive value for shareholders. 20th Century Fox’s films won several awards and nominations, and the studio ended the year with the strong success of Deadpool 2, which grossed more than $730 million to date.
In Cable Network Programming, domestic affiliate revenues rose 11% and international affiliate revenues grew 12% during the quarter, reflecting higher pricing across domestic cable brands and subscriber growth at FNG International and STAR.
Related: Fox Q4 2018 Earnings Transcript
Related: Earnings Preview: Disney will totally change the equation for 21st Century Fox
Related: Twenty-First Century Fox Q3 profit misses estimates
