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Disney's Fox Deal Gets European Union Clearance With Conditions



The European Commission had the opportunity to approve the $ 71.3 billion acquisition, as it is, require concessions or open a four-month survey.

The European antitrust regulators have approved Walt Disney's $ 71.3 billion for the purchase of 21st Century Fox entertainment products subject to conditions, namely selling the company's efforts in Europe in such networks as life and history.

The European Commission made Disney committed itself to discarding all the factual channels it controls in the European Economic Area (EEA), namely history, h2, crime and investigation, blaze and lifetime channels, "the Commission said. "These channels are currently controlled by A + E Television Networks, a joint venture between Disney and Hearst. The commitments completely eliminate the overlap between Disney's and Fox's activities in the wholesale supply of actual channels in the EEA."

It added: "Therefore, the Commission concluded that the proposed transaction, as modified by the obligations, would no longer raise competition problems. The Commission's decision is conditional on full compliance with the obligations."

Disney said: "We are delighted by the decision of the European Commission to remove the transaction with the only remedy is the disposal of our interests in Europe of History, H2, Crime + Survey, Blaze and Lifetime Channels. Disney will still be A 50 per cent owns A & E from each other from the companies that operate these channels in Europe. "

It added:" We continue to pursue approval as soon as possible in the remaining jurisdictions. "

The Europa- The Commission had set a deadline for Tuesday to either approve the takeover as it is, demand concessions or, in case of serious concerns, open a four-month investigation of the agreement. The conditional approval was considered likely given that regulators had previously said that Disney had offered concessions without specifying them.

The US Justice Department gave the green light to the agreement in June on condition that Disney sells Fox's 22 regional sports network.

The agreement will see Disney, led by Chairman and CEO Bob Iger, acquire Fox's TV and Film Studies, FX Networks and National Geographic Operations, TV giant Star India and Fox's stake in Hulu. It was originally also planned to include Fox's 39 percent stake in European Pay TV giant Sky, but the companies recently said they would sell the bet given Comcast won an auction for Sky in September. However, it will include Fox's 50 percent stake in Endemol Shine after it was found earlier on Tuesday that the TV owners' current owners had rejected a sale.

Disney fought a combo counter for Comcast Fox by enjoying his own offer.

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