Disney is one step closer to taking on Netflix

“The Simpsons” predicted its own takeover by Disney 20 years ago.
“The Simpsons” predicted its own takeover by Disney 20 years ago.
Image: Fox
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Shareholders from Disney and 21st Century Fox voted to approve Disney’s $71.3 billion offer to purchase Fox’s major film and television studios today (July 27), a blockbuster deal which has been months in the making.

The two companies had all but completed a deal last December, when Comcast submitted an 11th-hour offer to purchase the Rupert Murdoch-owned 21st Century Fox. Disney upped its offer to $71.3 billion, Comcast relented, and the shareholders approved the acquisition price this morning.

For Murdoch, the deal should provide a nice payout. The agreed-upon price is nearly 50% higher than the original $52.4 billion deal the companies agreed to in December.

With the acquisition of Fox’s pop-culture icons like The Simpsons and X-Men, its film and TV studios, cable networks like FX and National Geographic, Disney is set up to populate its own forthcoming streaming service with high-quality content that can compete with the growing dominance of Netflix.

The merger is expected to be completed in the first half of 2019.