Wednesday, June 27, 2018

Disney wins approval to buy most of 21st Century Fox for $71 billion

Posted By on Wed, Jun 27, 2018 at 2:55 PM

click to enlarge PHOTO VIA DISNEY
  • Photo via Disney
The Walt Disney Company won U.S. antitrust approval to purchase most of 21st Century Fox's assets for $71 billion.

The New York Times reports the Justice Department reached a settlement with Disney on their bid for Fox's assets on the condition that Disney sell Fox's 22 regional sports networks, which includes the Yankees’ YES network. Disney's $71 billion offer puts a dent in a rival offer from Comcast Corp. for $65 billion. 

"Today’s settlement will ensure that sports programming competition is preserved in the local markets where Disney and Fox compete for cable and satellite distribution," said Makan Delrahim, head the Justice Department’s antitrust division, in a statement.

The purchase is not final, and Comcast still has time to sweeten its offer even further. If Disney's bid is successful, the company will have at least 90 days after the transaction to complete the sale of Fox Sports Regional Networks, with the possibility of the Justice Department granting extensions.

"We are pleased that the DOJ concluded that, with the exception of the proposed acquisition of the Fox Sports Regional Networks, the transaction will not harm competition, and that we were able to resolve the limited potential concerns to position us to move forward with this exciting opportunity that will enable us to create even more compelling consumer experiences," Walt Disney Company said in a statement.

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