Disney gets green light from Shareholders to purchase Fox Assets

Twenty-First Century Fox and Walt Disney Company shareholders have approved a deal to allow Disney to purchase the majority of Fox’s assets.

The shareholders’ meetings, which were held on Friday morning, were among the final steps in approving the mega merger. This approval covers Fox’s entertainment assets, including 39 percent of Sky. The fate of the rest of Sky is still up in the air as Fox entertains bids from other parties, including Comcast.

Disney is offering $71.3 billion in cash and stock for the acquisition, which will include Fox’s film and television studios, as well as partial ownership of Sky TV, India’s Star and Hulu. Fox selected the Disney offer above Comcast’s $65 billion bid.

Disney won U.S. antitrust approval on June 27, on the condition that it would sell Fox’s 22 sports regional networks. However, it still needs nods from international governments including the European Union and China.

Note: CNBC parent company NBCUniversal is owned by Comcast.