Walt Disney Company Secures U.S. Antitrust Approval for $71.3 Billion of 21st Century Fox Assets

Cleary Gottlieb has successfully represented 21st Century Fox in obtaining antitrust approval from the U.S. Department of Justice for the $71.3 billion acquisition by The Walt Disney Company of certain 21CF assets.

Under the settlement announced on June 27, 2018, Disney can acquire the vast majority of the 21CF assets – including 21CF’s film and television studios and national cable networks – subject to divesting 21CF’s 22 Regional Sports Networks after closing the Disney-21CF transaction.

The transaction was originally announced on December 14, 2017, and amended on June 20, 2018, after Disney increased its offer. The transaction is expected to close following satisfaction of the remaining closing conditions, including shareholder approvals and ex-U.S. regulatory approvals.

Prior to completing the transaction, 21CF will spin off certain businesses – including the Fox Broadcasting network, Fox’s owned-and-operated televisions stations, Fox News, Fox Business, FS1, FS2, and the Big Ten Network – to its shareholders.