Disney makes it official: Fox is moving to the mouse house

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Combining the 21CF businesses with Disney and establishing new "Fox" will unlock significant value for our shareholders.

"Ultimately, we pulled back because we thought that we couldn't build enough shareholder value by making the price at which it seemed, in our judgment, to be possible to buy that, which was increasing", the exec said on Comcast's second-quarter earnings conference call in response to an analyst question.

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

The meetings, held separately at the New York Hilton, each lasted less than 15 minutes, ending a saga that officially began in mid-December when Disney finalized its initial $52.4 billion stock offer for Fox.

Disney CEO Bob Iger added in a statement that his company is "grateful" to Murdoch and the Fox board "for entrusting us with the future of these extraordinary businesses".

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Shares of Fox were down slightly by 0.3 percent, to $45.25, in morning trading, while Disney shares were down 0.5 percent, to $112.93.

With this deal, Disney will get ownership of 20th Century Fox movie and television studio, Fox's 22 regional sports channels, (Disney has now agreed to sell of the 22 regional sports networks as part of a DOJ deal), cable channels including FX and National Geographic, and Fox's portfolio of worldwide operations, including a fast-growing pay-TV service in India.

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

The deal does not include Fox News, the Fox broadcast network, television stations, Fox Sports 1 and Fox Sports 2. However, Comcast dropped out of the running earlier this month, clearing the path for Disney to move forward with its purchase. The doubling of Disney's Hulu shares (making it the majority owner, with 60 percent) comes as Disney is preparing the launch of its own streaming platform to compete with Netflix and other giants in the streaming space.

Friday's votes end a lengthy drama over the Fox assets, and solidify Disney's status as an even bigger Hollywood powerhouse.

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