March 12, 2019
The Walt Disney Co. March 12 said it expects to close its $71.3 billion acquisition of 20th Century Fox Film Corp. and related businesses on March 20.
In a filing, Disney said 21st Century Fox shareholders have until March 14 to decide how they wish to receive their share/cash-based compensation. Disney said it would calculate the amount of cash and/or shares of new Disney common stock to be distributed to each 21st Century Fox stockholder based on all valid elections received and in accordance with the merger agreement.
About half ($35.7 billion) of the acquisition price is in cash.
Consummation of the mega merger makes Disney the largest Hollywood studio, in addition to majority owner of Hulu and online TV subsidiary Hulu with Live TV.
In its most-recent fiscal period, 20th Century Fox Studios reported operating income of $193 million, a 47% increase over the $131 million reported in the previous-year quarter.
Quarterly segment revenue decreased 4% to $2.16 billion, from $2.24 billion, primarily reflecting lower home entertainment revenue at the film studio and lower syndication revenue at the television production studio.
Through half the fiscal year (ended Dec. 31, 2018), revenue dropped less than 6% at $3.97 billion, compared with $4.2 billion in the previous-year period.