One of the most intriguing stories in entertainment news has been 21st Century Fox selling most of its assets to The Walt Disney Company. The deal has faced its share of hurdles, most notably Comcast making several counteroffers. Today, one hurdle has been cleared.
The United States Justice Department has granted antitrust approval, on the condition that Disney sells Fox’s 22 regional sports networks. Disney agreed to divest the 22 sports networks in order to get regulatory approval after the Justice Department argued that the companies purchase of Fox’s regional sports networks could result in higher prices for sports programming on cable.
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Disney has previously planned to divest Fox assets that generated $500 million in earnings before interest, tax, depreciation, and amortization.
Last week, Disney made an updated offer of $71.3 billion to purchase 21st Century Fox assets, including company’s movie and television studio, after Comcast bested their initial offer with an all-cash $65 billion bid for the same assets.