Disney and 21st Century Fox merger to become official at midnight

LOS ANGELES, March 19 (Xinhua) -- The Walt Disney Company announced Tuesday that its 71.3-billion-U.S. dollar acquisition of most of 21st Century Fox will become effective at 12:02 a.m. 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 Robert A. Iger, Chairman and Chief Executive Officer of the Walt Disney Company, in a statement.

"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 noted.

Disney announced that per-share value of their merger consideration is calculated at 51.572626 U.S. dollars.

To strengthen its lead in U.S. media and entertainment industry, Disney announced a deal to acquire many parts of 21st Century Fox for a price of 52.4 billion dollars in an offer in December 2017. But Comcast, an American global telecommunications conglomerate, offered a 65-billion-dollar all-cash bid, prompting Disney to increase its bid to 71.3 billion dollars in cash and stock.

The Antitrust Division of the U.S. Department of Justice cleared Disney's acquisition in June 2018, paving the way for the company to win the bid.

According to Disney, the acquisition includes 21st Century Fox's renowned film production businesses, 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.

Disney and 21st Century Fox entered into a consent decree with the U.S. Department of Justice last year under which Disney will divest 21st Century Fox's Regional Sports Networks.

Twenty-First Century Fox announced earlier Tuesday that it has completed the distribution of all issued and outstanding shares of Fox Corporation common stock to 21st Century Fox' stockholders on a pro rata basis, adding that 21st Century Fox and Fox Corporation are now each a standalone, publicly traded company.

21st Century Fox completed the spin-off of a portfolio of 21st Century Fox's news, sports and broadcast businesses, including the FOX News Channel, FOX Business Network, FOX Broadcasting Company, FOX Sports, FOX Television Stations Group, and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network, and certain other assets and liabilities, into Fox Corporation.