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00:00INVESTOR CONFIDENCE ARE THE THREE KEY AREAS TO WATCH, BECAUSE IT IS NOT THE TARIFFS THEMSELVES THAT WOULD BE PROBLEMATIC, IT IS THE SPILLOVER EFFECTS FOR THE MARKETS AND INVESTORS. VONNIE: SAMEER SAMANA, THANK YOU. BACK TO FOX AND DISNEY. THE MAJORITY OF SHAREHOLDERS AT 21ST CENTURY FOX AND A DISNEY JUST APPROVED ALL PROPOSALS. THAT MEANS A COMBINATION OF THE TWO IS ALL BUT GUARANTEED. BOTH STOCKS LOWER. AND JOINING US NOW BY PHONE IS RICH GREEN FIELD. WE WERE ANTICIPATING THIS, BUT IT IS NOT A DONE DEAL QUITE YET, IS IT? RICH: I THINK WITH COMCAST PULLING OUT, EVERYBODY THOUGHT THAT THIS WOULD HAPPEN. I THINK THE QUESTION NOW IS, ALL INVESTOR FOCUS IS NOT GOING TO SHIFT ACROSS THE OCEAN AND EVERYBODY WILL BE LOOKING AT SKY IN EUROPE AND TRYING TO FIGURE OUT, IS DISNEY AND FOX DONE? WILL THEY LET IT GO EFFECTIVELY IN A " FROZEN " SORT OF WAY TO COMCAST, OR WILL THEY OUTBID COMCAST TO TRY TO TAKE SKY. WE THINK THEY WILL TRY TO STILL WIN SKY, BUT WE WILL SEE WHAT HAPPENS. VONNIE: WHAT WILL BE DECIDED TODAY? WILL THERE BE PRICE DISCUSSIONS AT THE MEETING, OR HAVE WE SEEN IT THROUGH THE RESULTS OF THE MEETING ALREADY? RICH: IT SOUNDS LIKE THEY ALREADY VOTED. FROM THE STANDPOINT OF THE FOX PORTION -- REMEMBER, BY DISNEY BUYING FOX, THEY ARE GETTING 39% OF SKY. SO DISNEY IS GOING TO HAVE THE LARGEST SINGLE STAKE IN SKY AND THEY HAVE TO DECIDE, DO THEY WANT TO INCREASE IT FROM 39% TO EFFECTIVELY 100%, OR DO THEY WANT COMCAST TO BE THE MAJORITY OWNER OF THAT? VONNIE: DOES THAT MEAN THEY WILL DISCUSS THE PRICE AT WHICH THEY WILL STOP TODAY? RICH: I DO NOT THINK YOU WILL SEE THAT, THAT IS SOMETHING THAT WILL PROBABLY HAPPEN OVER THE NEXT COUPLE WEEKS. THIS WAS STEP ONE FOR DISNEY, NOW THEY NEED TO FIGURE OUT THE NEXT STEPS IN TERMS OF THEIR PLAN TO EXPAND GLOBALLY. CAROLINE: NOW, OF COURSE, ATTENTION WILL BE TURNING TO THE MEETING HAPPENING ON THIS SIDE OF THE ATLANTIC RIGHT HERE IN THE U K, AS THEY ARE DISCUSSING WHETHER OR NOT WHAT THE VALUE OF SKY SHOULD BE DEEMED AT OF THE HOLDING OF NOW DISNEY. WHAT WILL THAT COME OUT AS? DO YOU THINK U.K. POLITICIANS OR REGULATORS WILL SAY, IT IS ACTUALLY WORTH MORE NOW BECAUSE OF THE 39% HOLDING? RICH: I THINK THE QUESTION FOR DISNEY, FOR X, COMCAST -- SKY IS A UNIQUE ASSET. YES, IT IS IN THE SATELLITE TELEVISION BUSINESS, WHICH IS UNDER PRESSURE FROM THE SHIFT TO THE INTERNET, BUT IF YOU ARE LOOKING TO BE A MAJOR PLAYER IN EUROPE WITH A LOT OF DIRECT TO CONSUMER DATA AND INFORMATION ON USERS ALL ACROSS EUROPE, 22 MILLION SUBSCRIBERS ACROSS EUROPE, GROWING OVER THE TOP STRATEGY CALLED NOW-TV, WHICH HAS LAUNCHED IN THE U.K. AND IN SPAIN -- IF YOU HEAR WHAT DISNEY IS TRYING TO DO, AND THEY WANT TO GO DIRECT TO CONSUMER ON A GLOBAL BUSINESS THAT BASIS, IT IS HARD TO IMAGINE WHY THEY WOULD LET THE SKY ASSET GO TO COMCAST. COMCAST CLEARLY WANTS IT. THE QUESTION IS, DISNEY ALREADY OWNS 39%, WHY WOULD THEY GIVE UP ON THE SINGLE LARGEST ASSET THAT THEY WERE TRYING TO ACQUIRE AS PART OF THE FOX TRANSACTION. IT WOULD REALLY SURPRISE ME. I THINK THERE IS STILL A BIDDING WAR TO COME OVER THE NEXT OF COUPLE WEEKS. VONNIE: IT WOULD COST THEM DEARLY. EVERY POUND THAT IS INCREASED IN TERMS OF THE SKY OFFER, IT ADDS ABOUT $16 MILLION IN INTEREST A YEAR, $1.5 BILLION IN DEBT OVER OFFER DISNEY, SO YOU REALLY DO NOT THINK IN ANY WAY THAT THERE WOULD BE AN AGREEMENT BETWEEN COMCAST AND DISNEY TO SPLIT THE JEWELS? RICH: COLLUSION IS ILLEGAL, SO I WOULD BE SURPRISED IF THERE WAS A SPECIFIC AGREEMENT. IS IT POSSIBLE THAT DISNEY STANDS DOWN BECAUSE OF THE LEVERAGE OF BUYING BOTH ASSETS IS SIMPLY TOO HIGH? ANYTHING IS POSSIBLE. WHEN YOU LISTEN TO BOB IGER AND HIS VISION FOR WHAT HE IS TRYING TO CREATE, IN TERMS OF A GLOBAL DIRECT CONSUMER COMPANY, THE SINGLE BIGGEST DIRECT TO CONSUMER ASSET THAT THEY WERE AFTER IN THIS WHOLE TRANSACTION WAS SKY. SO, IT IS POSSIBLE THEY LET IT GO, BUT IT DOES NOT REALLY FIT WITH HIS STRATEGIC IMPERATIVE. REMEMBER, THE PERSON RUNNING M & A FOR DISNEY, KEVIN MAHER, HE WAS RECENTLY PROMOTED. HIS NEW DIVISION THAT HE IS GOING TO RUN IS CALLED INTERNATIONAL AND DIRECT TO CONSUMER, THE SINGLE LARGEST ASSET YOU WOULD SLIDE INTO THAT NEW DIVISION WOULD BE SKY. SO AGAIN, IT SEEMS STRANGE TO GIVE UP. ANYTHING IS POSSIBLE. THE QUESTION THAT LISTENERS OR VIEWERS, NEED TO THINK ABOUT IS IS DISNEY PLAYING FOR THE SHORT-TERM AND WORRYING ABOUT LEVERAGE, OR ARE THEY LOOKING AT THE LONG-TERM GAME AND DID THEY REALLY WANT TO GO FOR IT ACROSS THE ENTIRE WORLD, NOT JUST IN THE U.S.? VONNIE: RICH, THE CLOSING DATE FOR THE TRANSACTION SHOULD BE IN 2019, SO WHAT DOES THE COMBINED DISNEY FOX ASSET LOOK LIKE? WILL WE SEE LAYOFFS, SYNERGIES? RICH: I THINK THE REALITY IS YOU HAVE A TREMENDOUS AMOUNT OF OVERLAP. YOU ARE TALKING ABOUT $2 BILLION PLUS OF COST. $2 BILLION IS PROBABLY 5000-10,000 JOB CUTS. IT WILL BE A TREMENDOUS AMOUNT OF JOB BLOODSHED THAT WILL HAPPEN AS A RESULT OF THIS. THERE IS A LOT OF DUPLICATION BETWEEN THE TWO COMPANIES, AND A LOT OF INTEGRATION WORK TO DO. DISNEY HAS NOT REALLY LAID OUT ITS DIRECT TO CONSUMER PLANS AND HOW FOX WILL FIT INTO IT. AS YOU THINK ABOUT INVESTORS, ALL EYES WILL BE ONWHAT IS DISNEY ' S ACTUAL PLAN. THE LAUNCH IS ABOUT 60 MONTHS AWAY AND I THINK THAT -- 60 MONTHS AWAY AND I THINK THAT EVERYBODY WILL BE WONDERING WHAT IT WILL LOOK LIKE, HOW THEY WILL MARKET AND PRICE IT, BECAUSE THE RACE TO CATCH NETFLIX IS ON AND THAT IS WHY DISNEY IS DOING THE TRANSACTION IN THE FIRST PLACE. CAROLINE: IT WILL BE AN EXCITING TIME. THANK YOU, RICH GREENFIELD. BOTH STOCKS LOWER, DISNEY DOWN BY HALF A PERCENT, FOX DOWN BY 2/10 OF 1%. PRIVATE EQUITY SEEING EVOLUTION WITH RECORD LEVELS OF FIERCE COMPETITION.

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Disney Shareholders Approve Fox Assets Purchase

Rich Greenfield, media and technology analyst at BTIG, examines the 21st Century Fox Inc. and Walt Disney Co. shareholders' approval of the sale of Fox’s entertainment assets. He speaks with Bloomberg's Vonnie Quinn and Caroline Hyde on "Bloomberg Markets." (Source: Bloomberg)

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