In an official announcement, Walt Disney and 21st Century Fox shareholders have agreed to a $71.3 billion deal, as Disney will acquire 20th Century Fox film and TV studios, Fox's entertainment cable networks, and its international assets.

Disney originally offered $52.4 billion in stock for Fox’s assets, but Comcast topped that with $65 billion in cash before Disney again raised its bid to $71.3 billion. The companies expressed their optimism about joining forces.

"Combining the 21CF businesses with Disney and establishing new ‘Fox’ will unlock significant value for our shareholders,” said Rupert Murdoch, Executive Chairman, 21st Century Fox. “We are grateful to our shareholders for approving this transaction. I want to thank all of our executives and colleagues for their enormous contributions in building 21st Century Fox over the past decades. With their help, we expect the enlarged Disney and new ‘Fox’ companies will be pre-eminent in the entertainment and media industries."

Additionally, in the agreement, Fox shareholders will get $38 USD per share in either cash or shares of New Disney, a new holding company that will become the parent of both Disney and Fox.

The companies noted that the consideration may be subject to adjustment for certain tax liabilities, and that the stock consideration is subject to a collar, which guarantees that 21st Century Fox stockholders will receive consideration equal to $38 USD in value if the average Disney stock price at closing is between $93.53 and $114.32.

Disney expects to pay about $35.7 billion in cash and issue about 343 million New Disney shares to Fox stockholders so that when the transaction closes after final regulatory approval, Fox stockholders will own about 17% to 20% percent of New Disney.

For full details, read the entire breakdown from The Walt Disney Company.

In related news, Disney is removing plastic straws from their theme parks.

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