The U.S. Department of Justice approved the Disney acquisition of Fox movie and TV assets Wednesday, as long as Disney divests Fox’s regional sports networks after the acquisition, according to Deadline. This does not complete the regulatory approvals needed, but removes a big hurdle. The requirement that Disney sell the Fox regional sports networks prevents the combination of those networks with Disney’s ESPN networks, which would create a sports programming behemoth.
Meanwhile, Comcast is trying to come up with a new offer to top Disney’s $71.3 billion offer, which Fox accepted last week (see “Fox Accepts New Disney Offer, Topping Comcast’s”). An SEC filing on Monday revealed that the Fox board has a lot of concerns about Comcast’s ability to clear regulatory approval, according to Variety. There was also concern that Comcast’s offer did not include elements to help compensate for that regulatory risk, according to the report. Among the areas of concern is Hulu; if Comcast acquires Fox’s share, it would combine with a share it acquired with the acquisition of NBC/Universal, giving the cable operator significant control of a streaming competitor.
Beyond the regulatory concerns, Comcast is looking to raise the cash to keep up with Disney in a bidding process that some think could reach $90 billion or more, according to the Wall Street Journal. One way would be to take on a strategic partner that would take some of the Fox assets; another would be to find a private equity partner willing to get involved.
Keeps Disney on Inside Track for Deal
Posted by Milton Griepp on June 28, 2018 @ 3:34 am CT
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