Each of Murdoch’s children will receive $2 billion, following the completion of the sale of 21st Century Fox to Disney (DIS) down -0.14% and breakup of Murdoch’s media empire. From the Murdoch Family Trust’s 17% share in Century Fox (FOX) down -0.24% the figure determined by FT, which Disney is buying for $38/share and Fox’s share of Sky, in September for $40 billion which was sold to Comcast.
Comcast’s recent victory in the auction for Sky and the sale to Disney represents a parting of ways between Mr. Murdoch and the current 21st Century Fox’s chief executive also his youngest son, James. In a statement, fox announced the new agreement features deal certainty enhancement, saying that the new offer including the portfolio of cable channels, the Fox movie studio and Star of India is worth $71.3 billion and is definitely more enticing to shareholders than $65 billion offer from Comcast.
The family stake of Murdoch, as per the FT’s calculation is worth a total of $12 billion which does not include the family’s stake in New Fox or News Corp. For the Murdoch Family Trust, all six of Murdoch’s children are beneficiaries. Direct beneficiaries are his four adult children, Elisabeth, Lachlan, James and Prudence, while from his marriage to Wendi Deng his teenage children having no voting interest, Grace and Chloe, are beneficiaries. Trustees till now manage their stake. Murdoch continues to control the trust, despite not having a financial interest.
The Disney deal allows and will be guaranteed a number of Disney shares, for investors to choose between a mix of Disney shares and cash, which will equal to $38 on a condition – if the average Disney stock price at close is between $93.53 cents and $114.32 cents. Recording to CNBC, Fox shares jumped 6.3% in early trade on the day of the announcement. 21st Century fox executive chairman, Rupert Murdoch said that they believe the two companies will be able to provide more values for shareholders together. In a statement he also said, “The company remains convinced that the combination of 21st century fox’s iconic asset, franchises and brands with Disney’s will create one of the most innovative and greatest companies in the world”.
Fox has postponed previously announced special stock holder’s meeting to a later date after Disney’s new offer, the date of the new meeting is yet to be announced.
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