Disney-Fox deal wins antitrust approval

The Walt Disney Co. won antitrust approval from the U.S. Department of Justice in its $71 billion quest to purchase 21st Century Fox Inc.’s entertainment assets.

Disney and the Justice Department entered into an agreement for Disney to sell Fox Sports Regional Networks as part of the sale approval.

This approval is a major hurdle for Disney in its bidding war with Comcast for Fox. It was just last week that Fox accepted Disney’s increased bid over Comcast’s $65 million bid. The $38-a-share price is about $10 a share higher than what Disney offered in December

Completion of the transaction is subject to a number of non-U.S.  merger and other regulatory reviews, and other customary closing conditions. In addition shareholders of both companies are expected to meet July 10 to vote on the deal.

This does not mean that Comcast is completely out of the deal. They still could come back with a higher offer.

The deal with Disney includes: The Twentieth Century Fox Film and Television studios, including: Twentieth Century Fox, Fox Searchlight Pictures, Fox 2000, National Geographic Channel, 20th Century Fox Television, FX network, Fox Networks Groups, Fox Sports Network, Star, Endemol Shine Group, 39% of Sky Television, 30% of Hulu, Hot Star and 30% of Tata Sky.