Disney Reportedly Nears U.S. Antitrust Approval On Fox In Blow To Comcast

(RTTNews) - Walt Disney Co. (DIS) is close to winning U.S. antitrust approval for its $71 billion deal for 21st Century Fox Inc.'s entertainment assets, creating a potentially insurmountable hurdle for a rival bid from Comcast Corp., Bloomberg reported citing a person familiar with the matter.

The U.S. Justice Department is set to approve the deal in as soon as two weeks, the report said. Disney has agreed to sell some assets to address competition problems stemming from the tie-up, according to the person.

Earlier today, Twenty-First Century Fox, Inc. (FOXA, FOX) announced the company has entered into an amended and restated merger agreement with The Walt Disney Company (DIS) pursuant to which Disney has agreed to acquire for a price of $38 per 21CF share the same businesses Disney agreed to acquire under the previously announced merger agreement.

The price represents a significant increase over the purchase price of approximately $28 per share included in the Disney Merger Agreement when it was announced in December 2017. The company said the amended and restated Disney Merger Agreement offers a package of consideration, flexibility and deal certainty enhancements that is superior to the proposal made by the Comcast Corp. on June 13, 2018.