The pending acquisition deal of one of the World’s largest M&A deal in the International Media and Entertainment Industry has seen its as the Antitrust Division of the United States Department of Justice (DOJ) has approved the acquisition of 21st Century Fox by The Walt Disney Company.
The DOJ entered into a consent decree with Disney and 21st Century Fox that allowed the acquisition to proceed, while requiring the sale of the Fox Sports Regional Networks.
Disney will have at least three months from the date of closing the transaction to finalize this sale, with the possibility of extending for up to another 90 days. The decree is subject to approval.
“The parties have worked diligently since announcing the acquisition last December to provide the DOJ the information that it needed for its investigation of the transaction,” Disney said in a statement announcing the DOJ’s clearance. “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.”
Last week, Disney and Fox revealed an amended acquisition agreement that will see the former purchasing certain Fox assets for $38 per share in cash and stock.