HOLLYWOOD -- Denver oilman Marvin Davis has bought 20th Century-Fox to become the first movie mogul since Hollywood's golden era when Sam Goldwyn, Harry Cohn and the Warner brothers controlled the motion picture colony.
In just 45 minutes Monday, shareholders overwhelmingly voted to ratify the $700 million sale during the last public meeting of the Hollywood entertainment giant.
Only two of Fox's 14 directors failed to attend because of 'longstanding commitments' -- Princess Grace of Monaco and Gerald H. Trautman. Davis, 55, also 'did not elect to attend.'
The merger is to become effective at 12:01 a.m. Friday. On that day, the Fox shareholders will begin receiving $60 a share for their common stock.
Meanwhile, Fox holders of record will receive one share of United Television Inc. for each share of Fox common, beginning Tuesday. Spinoff of the television broadcasting subsidiary was approved as part of the Davis merger deal.
The merger includes the valuable 63-acre Fox lot on the outskirts of Beverly Hills and the stock or assets of Aspen Skiing Corp., Pebble Beach Corp., Coca-Cola Bottling Midwest Inc. and Fox's international theater operations.
There was no elaboration at the Fox meeting on the earlier disclosures in the proxy statement regarding Davis's plans for financing, including possible ownership by a 'non-U.S. oil corporation.'
The proxy also said Davis may trade half his Fox holdings to a 'major institutional investor' as part of the financing of the merger.
Neither Fox nor Davis has disclosed the identities of either the foreign corporation or the institutional investor.
Davis, who almost overnight became a movie mogul, made no comment about the purchase Monday. The 300-pound reclusive magnate customarily shuns press interviews.