FoxNext to join Disney after $71.3 billion Fox deal approved by shareholders
21st Century Fox games division one of the "key assets" acquired by Disney
Disney has acquired key assets from 21st Century Fox, including its video game focused FoxNext division.
Shareholders from both Disney and 21st Century Fox agreed the deal in two separate meetings last Friday, when it received near unanimous support from both parties. Overall, the deal is valued at $71.3 billion, which will be paid to Fox shareholders in an even split of cash and stock.
"Combining the 21CF businesses with Disney and establishing new 'Fox' will unlock significant value for our shareholders," said Fox chairman Rupert Murdoch in a statement. "We expect the enlarged Disney and new 'Fox' companies will be pre-eminent in the entertainment and media industries."
Disney CEO Robert A. Iger added: "We're incredibly pleased that shareholders of both companies have granted approval for us to move forward, and are confident in our ability to create significant long-term value through this acquisition of Fox's premier assets."
An initial buyout agreement was struck in December 2017, when the deal was valued at $52.4 billion. However, the shareholder meeting was postponed when Comcast entered the race with a $65 million offer in June this year.
Once the deal closes, Disney will have a host of new IPs to add to its generously stocked portfolio, which it licenses for use in video games. In addition, it will also take control of FoxNext, a game focused division that launched in January 2017, which has grown through a series of acquisitions in the time since.
However, what the future holds for FoxNext is far from certain, as Disney backed away from creating and publishing games in May 2016.