Disney is officially buying Fox studios for $71 billion

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Word is there were few comments from investors at Disney and Fox, and the whole process was apparently done in as little as 10 minutes. Disney will reportedly purchase a number of Fox's assets - including Fox News and Fox Business for $38/£28 a share.

Disney's offer of a combination of stock and cash was seen as a more favorable setup which would impose lesser tax liabilities on Fox-majority stakeholders, the Murdoch family.

Nearly like the takeover of a football club, the ongoing saga between Disney and 21st Century Fox has dragged on for a while now.

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.

Disney had faced competition from United States cable giant Comcast for the Fox assets, but Comcast retreated after Disney raised its bid last month.

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Results were announced at both companies' special shareholders' meetings, held in NY.

21st Century will keep Fox News, Fox Sports and the Fox broadcasting network as a separate company.

Netflix announced it will spend over $8 billion this year to boost its program inventory to better compete with Disney's new service, scheduled to launch next year. But Disney agreed to sell those separately to help ensure regulatory approval for the merger. The combined company is expected to have a near stranglehold on the box office. But the studio that owns Star Wars, Marvel Studios, Indiana Jones, The Muppets, Toy Story, and Mickey Mouse himself has finally taken ownership of Deadpool, the X-Men, Fantastic Four, American Horror Story, The Simpsons, Avatar, and so much more. Those rights will come back to Disney with the merger. In an agreement with the U.S. Department of Justice, Disney, which owns sports network ESPN, said it would divest 22 of Fox's regional sports networks.

In addition, the company said in a recent filing it may need consent from regulators in 14 countries and the European Union.

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