Disney receives shareholder approval to buy Fox entertainment assets

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Chief executive officer and chairman of The Walt Disney Company Bob Iger walks on the floor of the New York Stock Exchange (NYSE) before ringing the opening bell, November 27, 2017 in New York City.

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. The fate of Sky and other assets are still up in the air as the company entertains other 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.

This story is developing. Please check back for updates.