Fox sets Disney deal vote for July 10


(Reuters) – Twenty-First Century Fox Inc (FOXA.O) will maintain a particular assembly on July 10th for its stockholders to vote on a proposed merger with Walt Disney Co (DIS.N), the corporate mentioned on Wednesday.

FILE PHOTO: The Twenty-First Century Fox Studios flag flies over the corporate constructing in Los Angeles, California U.S. November 6, 2017. REUTERS/Lucy Nicholson

The Fox board additionally advisable backing the deal however mentioned that it was conscious of Comcast Corp’s (CMCSA.O) strikes to make a proposal for sure property of the corporate.

Comcast mentioned final week it was making ready the next, all-cash provide for a lot of the media property of Fox, however sources say it’ll solely proceed if a federal choose subsequent month permits AT&T Inc’s (T.N) deliberate $85-billion acquisition of Time Warner Inc (TWX.N).

The announcement of the particular assembly date comes after the biggest U.S. cable operator Comcast put strain on Fox and its shareholders to not rush into approving the Disney deal by going public with its plans of a “superior” provide.

Disney in December supplied inventory then value $52.four billion to purchase Fox’s movie, tv and worldwide companies to beef up its providing towards streaming rivals Netflix Inc (NFLX.O) and Inc (AMZN.O).

A regulatory submitting in April confirmed Comcast supplied to purchase most of Fox’s property in an all-stock deal valued at $34.41 per share, or $64 billion final November, simply earlier than Disney’s provide was agreed upon.

Reporting by Sonam Rai in Bengaluru; modifying by Patrick Graham and Shounak Dasgupta

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