Disney sets closing date for Fox acquisition

Adjust Comment Print

The update suggests that the deal has received final approval from regulators.

The news arrived alongside the deadline for holders of 21st Century Fox's common stock to elect the form of consideration they wish to receive in preparation for closing.

In addition, Disney is also receiving 21st Century Fox's investment in Hulu, giving them the majority stake in the streaming platform.

More news: Aubameyang: Black Panther mask was for Gabon

A company statement to The Hollywood Reporter said Iger expects "the acquisition to become effective at 12:02 a.m". Eastern Time on March 20, 2019.

That meant ensuring a separation of licensing and provision between Fox's National Geographic and Nat Geo Wild channels, and the A&E, History, H2 and Lifetime networks of Disney, the IFT said.

The Murdochs also will retain the legendary Fox Studios lot on Pico Boulevard near Century City. "While our base-case forecast shows that Disney could reduce leverage back to under 2x (the downside threshold for the prior 'A+' issuer credit rating) within two years, we believe Disney faces internal and external challenges that could delay that deleveraging process, resulting in adjusted leverage remaining above 2x", S&P wrote in a note.

More news: Teddy Bridgewater set to meet with Dolphins

Mexico's Federal Telecommunications Institute (IFT) has become the latest and final regulator to approve Disney's Dollars 73.1 billion merger with the assets of 21st Century Fox, albeit with conditions, including the requirement to sell Fox Sports channels.

Disney has already said it would bring over several key Fox executives to run important operations, including Walt Disney Television.

On the film side, Fox's Emma Watts will run the 20th Century Fox studio and Fox Searchlight, the specialty division, will continue to be helmed by Stephen Gilula and Nancy Utley.

More news: Two more K-pop stars embroiled in sex video scandal