Disney willing to divest more Fox assets for deal clearance
Reuters
Published Jun 21, 2018 06:59PM ET
Disney willing to divest more Fox assets for deal clearance
(Reuters) - Walt Disney Co (N:DIS) said on Thursday it was willing to divest Twenty-First Century Fox Inc (O:FOXA) assets that generated up to $1 billion in earnings before interest, tax, depreciation and amortization (EBITDA) to get a regulatory nod for the deal.
Disney in a regulatory filing said it was willing to divest the assets, potentially including regional sports networks. The media conglomerate had previously planned to divest Fox assets that generated $500 million in EBITDA.
Fox has been in the middle of a bidding war between Disney and Comcast Corp (O:CMCSA), with Disney on Wednesday raising its bid for the bulk of Fox's film and television assets to $71.3 billion. Comcast is likely to further raise its offer.
Disney and Comcast want to add to their own entertainment businesses with Fox's well-known TV shows and movie franchises, like the "X-Men" superheroes and "The Simpsons," to better compete with fast-growing digital rivals Netflix Inc (O:NFLX) and Amazon.com Inc (O:AMZN).
Disney Chief Executive Officer Bob Iger, who has been working with regulators around the world for the past six months, has downplayed antitrust concerns related to the deal.
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Written By: Reuters
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