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21CF special meet on Disney merger issue on July 10

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NEW DELHI: Is the Disney-21st Century Fox merger a done deal? The twists and turns in real life probably match a Hollywood corporate thriller produced by the media company. Second suiter Comcast hasn’t yet given up even as the Rupert Murdoch family-promoted company said on Wednesday that on 10 July 2018 a special meeting has been scheduled for vote on the merger agreement with The Walt Disney Company.

In a statement put out, 21CF said the special meeting of its stockholders would, among other things, “consider and vote” on a proposal to adopt the previously announced merger agreement with The Walt Disney Company and certain of its subsidiaries.

21CF’s board of directors recommends that stockholders vote in favour of the proposal to adopt the Disney Merger Agreement and the other proposals to be voted on at the special meeting.

Comcast in recent times has said that it’s preparing a new bid for 21CF to counter the Disney offer, which if okayed by both the companies’ shareholders and boards, and regulators, would go on to create a global behemoth straddling most streams of media and entertainment sectors. It would also decide the roadmap for India’s biggest (unlisted) media company, Star India.

The official statement from the Murdoch company said: “21CF is aware of the press release of Comcast Corporation of 23 May 2018, in which Comcast states that ‘it is considering, and is in advanced stages of preparing, an offer for the businesses of Fox that Fox has agreed to sell to Disney’. Under the Disney Merger Agreement, if any event occurs that 21CF determines, after consultation with outside legal counsel, is reasonably likely to require under applicable law the filing or mailing of any supplemental or amended disclosure, 21CF may postpone or adjourn the special meeting of its stockholders to allow reasonable additional time for the filing, mailing, dissemination and review by its stockholders of any such disclosure prior to the special meeting.”

21st Century Fox is one of the world’s leading portfolios of cable, broadcast, film, pay TV and satellite assets spanning six continents across the globe. Reaching more than 1.8 billion subscribers in approximately 50 local languages every day, 21st Century Fox is home to a global portfolio of cable and broadcasting networks and properties, including FOX, FX, FXX, FXM, FS1, Fox News Channel, Fox Business Network, FOX Sports, Fox Sports Network, National Geographic Channels, Star India, 28 local television stations in the U.S. and more than 350 international channels.

The portfolio also includes film studio Twentieth Century Fox Film, television production studios Twentieth Century Fox Television, 50 per cent ownership interest in Endemol Shine Group, apart from approximately 39.1 per cent of the issued shares of Sky, Europe’s leading entertainment company, which serves nearly 23 million households across five countries.

Also Read :

With Star India, Disney emerges as India's largest M&E firm

Lachlan Murdoch to lead New Fox after Disney sale, James is out

Uday Shankar becomes president of 21st Century Fox, Asia

Disney expected to announce 21 CF buyout tomorrow: media reports

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