Maker Studios said on Monday that a majority of shareholders approved of its purchase by Walt Disney Company. This means that the company is not for sale to Relativity Media, which made a surprising $1.1 billion bid.
Disney made an agreement to buy Maker Studios on March 24th for $500 million in cash and could rise to $950 million if the company hits certain performance goals.
“The agreement has been approved by Maker Studios’ Board of Directors and the majority of its shareholders and is expected to close in the next few weeks, subject to regulatory approval,” said Maker in a statement.
Maker is one of the largest video production channels on YouTube. The company’s audience is between 14 to 34.
“We will continue to aggressively explore future opportunities that align with our strategy to accelerate digital content creation and distribution,” added Relativity.