Disney And 21st Century Fox Shareholders Approve Merger

(RTTNews) - Shareholders of Walt Disney Co. (DIS) and 21st Century Fox (FOX, FOXA) approved the $71 billion merger of their two companies.

If the deal is completed, Disney will absorb Fox's storied film and television studios as well as stakes in the Sky PLC pay-television company and the Hulu video-streaming service.

Disney still has several steps to overcome before the deal is closed. Though the Justice Department approved the acquisition last month, Disney is waiting on approvals from more than a dozen international territories, including the European Union and China. The Justice Department's approval came on the condition that Disney divest Fox regional sports networks that compete with its own ESPN.

Disney and telecommunications giant Comcast (CMCSK, CMCSA) were engaged in a months-long bidding war for the Fox assets, but Comcast dropped its pursuit last week, saying it would turn its attention to acquiring the majority stake in Sky.