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Maker Studios Sale to Disney Approved

The Maker Studios board of directors and a majority of its shareholders approve the company’s $500 million-plus sale to Disney.

The Maker Studios’ board of directors and a majority of its shareholders have approved the company’s $500 million-plus sale to Disney, according to a report by StreamDaily.

Last week, ex-Maker CEO Danny Zappin and three other Maker co-founders filed for a temporary injunction in its ongoing case against Maker (Katz vs. Donovan, originally filed in June 2013) to stop the shareholder vote to approve the sale, but that motion was denied on Monday during an oral hearing in Superior Court of California, Los Angeles, Central District.

According a Maker spokesperson, the vote to approve the sale that was widely-reported to be taking place on Tuesday was never on the books. The sale was approved by the Maker board and its shareholders on or around March 24, when the deal was originally announced.

The sale is expected to close in the next few weeks, subject to regulatory approval.

Earlier on Monday, Relativity Media announced that it had made a last-minute bid for Maker worth up to $1.1 billion.

Jennifer Wolfe's picture

Jennifer Wolfe is Director of News & Content at Animation World Network.