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One Fox Shareholder Is Trying To Stop The Disney Merger
With Disney having increased its bid for Fox in order to fend off Comcast, it looked like the proposed merger was well on the way to becoming a reality, but a new lawsuit is looking to put a stop to things. A fox shareholder, Robert Weiss, has filed a lawsuit in Delaware which claims that the financial disclosure material presented to shareholders is incomplete. The suit seeks to enjoin the sale of Fox to Disney unless this information is provided.
Specifically at issue is the lawsuit's claim that the proxy statement filed at the end of June, which recommended that shareholders vote in favor of the upcoming merger, is missing detail concerning projected future earnings for both Hulu, the streaming service which both Disney and Fox had a stake in, as well as European satellite broadcaster Sky. The lawsuit (via The Hollywood Reporter) also claims that financial institution Goldman Sachs, who did the financial valuation analysis, has potential conflicts of interest that have not been fully disclosed.
It seems that Robert Weiss, and the additional shareholders that he represents, aren't looking to necessarily stop the Disney/Fox deal entirely, they're simply looking for additional financial information they feel has been lacking so that they can make an informed decision. If these projections were left out of the documents provided to shareholders, but are available, a simple amended proxy statement could make the suit go away. However, today is actually the day that the Fox board had previously scheduled to meet to discuss the potential purchase options. It's unclear if this lawsuit could cause them to hold off on making a decision.
Disney and Fox agreed to tentative terms for the sale of Fox assets to Disney back in December, and while Comcast attempted to play spoiler by making a larger bid, Disney has since countered with a larger bid of its own. While the word has been that Comcast has gone looking for cash in order to make yet another bid, that has yet to have been formally proposed.
The Disney/Fox deal has already been given regulatory approval by the U.S. government. The only stipulation was that Disney would need to divest the regional sports networks that Fox owns across the country. Disney has agreed to do so. With that decision already made before the Fox board voted it was certainly looking like smooth sailing from here, and while this lawsuit is unlikely to stop the train entirely, it will almost certainly slow things down.
This is also unlikely to be the only lawsuit filed on this topic. A deal this big is certainly going to cause concern from many corners of the entertainment and business world. Big things will certainly happen once this deal is complete, but it could still be some time before we get there.
A couple days ago, the film's costume designer, Leah Butler, revealed that each of Shazam's costumes cost an upward of $1 million each, and they made 10 suits. $10 million seems like a lot to spend on costume design, and one fan decided to ask the director of Shazam!, David F. Sandberg, how accurate these numbers are. In his words:
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In Annihilation, we don't know whether the two people at the end are actually Lena and Kane. We are led to believe that it is the "original" Lena, in that she wasn't the alien copy, but we don't know whether or not the surviving Kane is the original or the copy.
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"Jurassic World: Fallen Kingdom," Universal's second installment in the updated "Jurassic Park" franchise, crossed $1 billion at the worldwide box office on Thursday. The movie, directed
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The first Fantastic Beasts premiered to more than $ 74,000,000 in its opening weekend and eventually passed more than $ 500,000,000 in worldwide box office, per Box Office Mojo. Its success was enough for Warner Bros to move forward with the larger franchise.
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Aquaman About to Swim Past $1 Billion at the Box Office Aquaman is already a success at the box office and if The trend is continues in this direction, the latest one could break the $ 1 billion mark before everything is said and done.
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Viggo Mortensen has apologized for using the n-word during a panel discussion of his film Green Book. The panel was attended by his co-star Mahershala Ali , who later said he accepted Mortensen's
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