Chinese regulators approve Disney acquisition of Fox assets

By hotmaillogin

The Walt Disney Company announced on Monday that its purchase of multi-media company 21st Century Fox’s assets had received unconditional approval from Chinese regulators, according to a report by the New York Times.

While several countries have yet to finalize their regulatory and anti-trust stipulations with regards to the deal, approval from the Chinese government is being hailed as a “particularly notable” success, “because it came without conditions”.

China is “a crucial growth market for Disney, given its swelling middle class”, the Times reports. With the total value of the deal in excess of US$71.3bn, several regulatory bodies in Europe and the United States have required Disney to divest itself of some Fox assets.

SEE ALSO: 

Beyond Meat, backed by Microsoft and McDonald's execs, files for IPO

City Focus: Los Angeles

Tronc to sell Los Angeles Times in $500mn deal

Click here to read the November issue of Business Chief 

European regulators required Disney to sell its controlled portion of A&E Networks, and while “United States antitrust officials gave their approval with remarkable speed in June”, the company was required to release “Fox’s 22 regional sports networks, including the Yankees’ YES channel”. Disney is currently moving to sell these properties, valued by analysts at $22bn.

Disney’s purchase of the majority of 21st Fox’s assets was initially forecast for completion in June 2019. However, in the wake of  the unrestricted approval from Chinese regulators,  Disney CEO Robert A. Iger has said the deal would be closed “meaningfully earlier”.  

According to the New York Times, products of note Disney will remain in control of are: “the Fox television studio, which has more than 30 series in production, and the 20th Century Fox movie studio, which controls the “X-Men” and “Avatar” franchises”, as well as the FX and National Geographic networks, and Star, “a fast-growing media company in India”.

Share

Featured Articles

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Q&A: China’s ecommerce innovator Jeff Li, CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

How hybrid work is revolutionising the physical office

As hybrid work models roll out worldwide, the purpose of the office is changing with collaboration, connection and networking taking centre stage

Trailblazer: Shanique Bonelli-Moore, DEI chief at Clorox

Sustainability

Dean Forbes – the Forterro CEO aiming for the moon

Leadership & Strategy

Why becoming a B Corp is good for business

Sustainability