The Maker Studios’ board of directors and a majority of its shareholders has approved the company’s US$500 million-plus sale to Disney, a Maker spokesperson announced today.

Last Thursday, 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 this afternoon during an oral hearing in Superior Court of California, Los Angeles, Central District. A written decision is expected to be released later today.

According a Maker spokesperson, the vote to approve the sale that was widely-reported to be taking place tomorrow 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.

Yesterday, Relavity Media announced that it had made a last-minute bid for Maker worth up to US$1.1 billion.

From Stream Daily