Disney and 21st Century Fox Announce Preliminary Election Results in Connection with Acquisition

   By Stephen Nakrosis 
 

The Walt Disney Company (DIS) and Twenty-First Century Fox, Inc. (FOX) announced preliminary results of a vote by Fox shareholders over the form of consideration they want to receive following the completion of Disney's acquisition of most of Fox's media assets.

The companies said holders of 959,919,192 shares of Fox common stock, about 51.57% of outstanding shares, elected to receive cash, and holders of 682,198,198 shares, or about 36.65% of outstanding shares, elected to receive shares of common stock of New Disney.

The holders of 219,388,371 shares of Fox common stock, about 11.79% of outstanding shares, didn't make an election, the companies said.

The companies said the final election results may differ from the preliminary results.

Disney will acquire Fox's movie studio, the FX cable network and a stake in Hulu that will make it a majority owner of the streaming service.

Disney and Fox expect the acquisition to take effect at 12:02 a.m. Eastern Time on March 20.

News Corp (NWS), owner of Dow Jones and Co. Inc., publisher of this newswire, shares common ownership with 21st Century Fox.

--Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

March 15, 2019 16:47 ET (20:47 GMT)

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