ValveAct Founder and CEO Jeffrey W. Ubben has stepped down from the 21st Century Fox board of directors, the company disclosed this morning.

Ubben has served as a member of Fox’s board since November 2015.

“The management and board of FOX has done a superb job of steering the company through a time of transition for the entertainment industry,” Ubben said in statement announcing his departure. “We are highly supportive of the proposed transaction with Disney and the bright future of the New Fox.”

The Walt Disney Co. struck a deal to acquire most of Fox’s film and TV assets for $52.4 billion. The merger awaits regulatory approval.