Published: Fri, March 15, 2019
Markets | By Otis Pena

Disney, Fox merger set to close March 20

Disney, Fox merger set to close March 20

The Walt Disney Company announced Tuesday that its 71.3-billion-U.S. dollar acquisition of most of 21st Century Fox is expected to close on March 20. The move came after Mexico's telecommunications regulator, IFT, approved the Disney-Fox deal late Monday, according to Bloomberg News. Comcast then made an offer on June 13, 2018 to acquire Fox assets Disney wanted to purchase in a $65 billion all cash proposal. Disney and Comcast were also both vying for European pay-TV giant Sky at the time, which Comcast ultimately won.

On March 12, via press release, Disney announced that it "expects no further extension of the expiration date (March 15, 2019) of the offers to exchange any and all outstanding notes issued by 21st Century Fox America, Inc". Its ownership of those channels and cable sports network ESPN would otherwise give the company undue influence in sports broadcasting, said the watchdog. The Election Form and Letter of Transmittal necessary for stockholders (holding common stock as of December 19) to choose the form of consideration they wish to receive was mailed on December 27. 21st Century Fox shareholders can have till Thursday to decide on the amount of money and Disney inventory to obtain, valued at $38 a share within the deal.

The transaction includes 21st Century Fox's film and television studios, cable entertainment networks and global TV businesses, which brought popular entertainment properties including X-Men, Avatar, The Simpsons, FX Networks and National Geographic to Disney's portfolio.

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"The acquisition is expected to become effective at 12:02 a.m".

Disney has already said it would bring over several key Fox executives to run important operations, including Walt Disney Television. And when it does, we will be seeing a new wave of Marvel heroes expanding the MCU.

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