Disney’s Acquisition of 21st Century Fox Has Bee Approved by the Justice Department, Under One Condition
After placing an increased bid of $71.3 billion, Disney is looking more and more likely to be the buyer of Fox’s media assets including 21st Century Fox. Of course, you can’t just buy a multi-billion-dollar company nowadays since you need a ton of approval from officials. Luckily, it seems the Walt Disney-founded company is on its way as the Justice Department has approved the merger if it happens.
According to Variety, the Department of Justice has given Disney the permission to go forward with the acquisition of 21st Century Fox and most other assets in question. Unfortunately, this came with one pretty major condition for the Mickey Mouse company: they can’t keep Fox’s sports assets which were also a part of the deal. The DOJ’s reason behind this condition is due to future lack of competition in the market since Disney already owns ESPN. Considering it’s a relatively small condition, Disney agreed and will likely sell off Fox’s sports assets to a third party once the acquisition is finished.
Comcast still wants in.
This isn’t over, however. As desperate as it may seem, Comcast still wants Fox’s media studios. It’s expected the media giant will respond to this news with a higher bid than its previous all-cash offering of $65 billion. The company’s even willing to bring in a bidding partner if prices get higher than $90 billion.
In the end, while it doesn’t seem likely Comcast will succeed in acquiring Fox’s assets, it goes to show you how much is at stake here. I mean, we’re talking 21st Century Fox movie and TV studios, characters like Deadpool and X-Men, TV shows like Bob’s Burgers and The Simpsons, and more. It’s clear anyone who has the power to buy out these assets should probably at least try. Of course, we’ll let you know of any developments.