US: Disney-Fox merger details emerge in shareholder letter

Shareholders in Disney and Fox have begun to receive official correspondence outlining the proposed merger. This information explains exactly how the merger is planned to take place, ahead of a crucial vote on July 10.

In December of last year, Disney and Fox finalized the terms of an agreement that would see Disney purchase the bulk of 21st Century Fox’s film and TV empire. More recently, Comcast chose to make an unsolicited bid to compete with Disney; both Fox and Disney have called shareholder meetings on July 10, at which shareholders will vote on the way ahead.

One voter shared an image of the letter to Reddit, laying out the terms of the merger that was announced in mid-December.

“Prior to the completion of the initial merger, [Twenty-First Century Fox] and a newly-formed subsidiary of 21CF, which we refer to as New Fox, will enter into a separation agreement… will transfer to New Fox a portfolio of 21CF’s news, sports and broadcast businesses, including the Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network, and certain other assets,” the letter reads.

Full Content: Comicbook, Reddit

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