Walt Disney Co. has cleared one of the last major hurdles in its quest to buy much of 21st Century Fox.
The Walt Disney Co. is one step closer to finalizing its $71.3- billion acquisition of 21st Century Fox's entertainment division. The deal could be finalized as early as next week.
The Disney-Fox combination would create an entertainment Goliath of unprecedented scope and reach. It will help realize the vision of Disney Chief Executive Bob Iger, who began scooping up valuable entertainment brands more than a decade ago to build a company rich in content — and consumer appeal. Forcing Disney to give up that channel was important to Brazilian regulators because Fox Sports maintains the rights to popular South American soccer competitions. Disney already owns an ESPN Brazil channel, which it launched nearly 30 years ago. Brazilian officials were worried that Disney would have too much control in the TV sports market if it owned the two popular channels.
The regulator worried that if Disney operated the two channels that"would leave the pay-TV sports channel segment even more concentrated, with a high likelihood of Disney's exercise of market power,” Cade said. “In addition, there would be potential for reducing the quality and diversity of available sports content, as well as increasing costs that could be passed on to consumers.”
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