Disney and Fox shareholders approve blockbuster $71-billion deal

Walt Disney Co. and 21st Century Fox shareholders overwhelmingly approved Disney’s proposed $71.3-billion takeover of much of Rupert Murdoch’s 21st Century Fox — a milestone in a merger that is expected to dramatically reshape the entertainment industry. The deal’s contours began to form nearly a year ago over wine between Disney Chief Executive Bob Iger and Murdoch at the elder mogul’s Moraga vineyard above Bel-Air. July 27’s vote was more official: The two companies held separate shareholder meetings concurrently in the same Hilton hotel a couple of blocks from Fox’s headquarters in mid-town Manhattan. The lightning-quick approval caps Murdoch’s decision in December to accept Disney’s $52-billion bid for Fox’s television and movie studio, cable television channels FX and National Geographic, Fox’s stake in streaming service Hulu, television operations in India and Fox’s 39% stake in London-based pay-TV company Sky.