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US: Disney wins antitrust approval to purchase most of Fox

 |  June 27, 2018

The US Justice Department has agreed to a settlement with Disney that will allow it to purchase most of 21st Century Fox’s assets, reported Bloomberg.

Disney agreed to sell Fox’s 22 regional sports networks to resolve the Justice Department’s concerns that the deal would raise prices for cable sports programming in local markets, the department said Wednesday.

The approval is a victory for Disney in its battle with Comcast for one of the media industry’s biggest prizes. Fox last week accepted a sweetened bid from Disney, which upped its offer following Comcast’s competing $65 billion bid. The $38 per share price is about $10 a share higher than what Disney offered in December.

Comcast still has time to respond. Fox canceled a shareholder meeting to vote on the Disney deal that had been planned for July 10. Comcast is now mulling its next steps, including possibly teaming up with private equity investors in its pursuit of Fox assets, a person familiar with the situation said on Wednesday. Wall Street expects the cable giant to come back with a counterbid.

Full Content: Bloomberg

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