Life&Culture

Disney and Fox Deal Reportedly Near Antitrust Approval

Disney and Fox Deal Reportedly Near Antitrust Approval

As we've previously reported, the sale to either Disney or Comcast would include 21st Century Fox's film and television studios, cable entertainment networks, the Fox Sports Regional Networks, and worldwide properties including Star in India and Fox's 39-percent ownership of Sky across Europe.

Disney is now offering a reported $71.3 billion, which will give Fox shareholders the option to take their payment in the form of cash or stock, up to a 50-50 level. Are you glad to see Disney own FOX?

The Justice Department's antitrust division has been reviewing the Disney deal for months, while the investigation into Comcast's bid hasn't started, according to the person.

The fight for 21st Century Fox comes as traditional media groups scramble to consolidate in the face mounting competition from online challengers like Netflix and Amazon. Disney will pay $71.3 billion in the deal, the companies announced Wednesday.

This saga is far from over, but after a devastating counter punch from Comcast it appears that Disney is once again at the top of the standings to acquire Fox's entertainment assets and regional sports networks.

In a call with analysts, Iger said he believes Disney's bid is superior to Comcast's from a regulatory perspective, and said that six months of dealing with regulators both in the US and internationally has given Disney a 'meaningful head start'.

Judge: No immediate restraining order against Avenatti
Otero declined to grant Cohen emergency relief, setting a briefing schedule Friday that begins in late June. Trump has repeatedly said there was no collusion, and Russian Federation has denied interference.


Fox's board is recommending the increased Disney offer to its shareholders and said that it was "superior" to the offer from Comcast last week. "We remain convinced that the combination of [Fox's] iconic assets, brands and franchises with Disney's will create one of the greatest, most innovative companies in the world". Disney will also assume about $13.8 billion of net debt of 21st Century Fox. Last week's consummation of the long-simmering AT&T-Time Warner merger has all but given the green light to titans like Disney and Comcast looking to build their respective empires by snapping up smaller entities.

The deal would include Fox movie and TV studios, some cable networks and global assets, but not Fox News Channel or the Fox television network.

In morning trading, shares of 21st Century Fox rallied 6 percent to $47.47.

The Fox sale would not include major assets such as the Fox News Channel, Fox Business Network, and Fox Broadcasting Company. Disney and Fox said they chose to postpone those meetings in order to "prepare updated SEC filings and proxy materials which will be sent to shareholders".

It's another blow to Comcast's efforts to obtain the same assets Disney seeks. ("21CF") (NASDAQ: FOXA, FOX) announced today that it has entered into an amended and restated merger agreement with The Walt Disney Company ("Disney") (NYSE: DIS) pursuant to which Disney has agreed to acquire for a price of $38 per 21CF share the same businesses Disney agreed to acquire under the previously announced merger agreement between 21CF and Disney (the "Disney Merger Agreement").


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