Los Angeles: On Tuesday, the Walt Disney Company announced that its 71.3-billion-US dollar acquisition of most of 21st Century Fox will become effective at 12:02 am Eastern Time (0402 GMT) Wednesday.
"This is an extraordinary and historic moment for us-one that will create significant long-term value for our company and our shareholders", said the Chairman and Chief Executive Officer of the Walt Disney Company Robert A. Iger.
"Combining Disney's and 21st Century Fox's wealth of creative content and proven talent creates the preeminent global entertainment company, well positioned to lead in an incredibly dynamic and transformative era", he said in the statement.
The per-share value of the merger consideration is calculated at 51.572626 U.S. dollars, announced Disney. With a view to strengthen its lead in U.S. media and also the entertainment industry, Disney in an offer in December 2017 announced a deal to acquire many parts of 21st Century Fox for a price of 52.4 billion dollars. However, Comcast which is an American global telecommunications amalgam, had offered a 65-billion-dollar all-cash bid, which in turn prompted Disney to increase its bid to 71.3 billion dollars in cash and stock.
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In June 2018, the Antitrust Division of the U.S. Department of Justice cleared Disney's acquisition, paving the way for the company to win the bid.
According to Disney, the acquisition includes renowned film production businesses of 21st Century Fox, including Twentieth Century Fox, Fox Searchlight Pictures, Fox 2000 Pictures, Fox Family and Fox Animation; Fox's television creative units, Twentieth Century Fox Television, FX Productions and Fox21; FX Networks; National Geographic Partners; Fox Networks Group International; Star India; and Fox's interests in Hulu, Tata Sky and Endemol Shine Group.
Earlier on Tuesday, Twenty-First Century Fox announced that it has completed the distribution of all issued and outstanding shares of Fox Corporation common stock to the stockholders of 21st Century Fox on pro rata basis, adding that 21st Century Fox and Fox Corporation are now each a standalone, publicly traded company.