US Justice Department approves Disney’s acquisition of Fox assets

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The Walt Disney Company announced Wednesday that the Antitrust Division of the United States Department of Justice (DOJ) has cleared the pending acquisition by Disney of 21st Century Fox entertainment assets. As a condition of the deal, the DOJ said that Disney must sell off Fox’s regional sports networks.
According to the consent decree, Disney will have at least 90 days from the date of closing the transaction to complete this sale. “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”, said the media group in a statement.
Last week, Disney raised its bid for most of 21st Century Fox assets to USD 71.3 billion, surpassing Comcast’s USD 65 billion offer. The new bid is USD 38 a share. Disney and Fox had closed an initial agreement in December 2017, for USD 52.4 billion. The assets include the movie studios, the international pay TV businesses and a stake in Hulu, among others.
Disney said the completion of the transaction is subject to a number of non-United States merger and other regulatory reviews, and other customary closing conditions, as well as approval of shareholders of both companies.