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The European Commission has approved the project of the Walt Disney Company
DIS + 0.86%
$ 71.3 billion acquisition of 21st Century Fox
FOXA, + 0.30%
entertainment assets – with some conditions.
Regulators worried about the impact of the merger on competition between "two powerful providers of" fact-based "chains in several member states of the European Economic Area (EEA)," said the commission in a statement.
To address these concerns, Disney is committed to giving up its interests on its EEE factual channels: its History, H2, Crime & Investigation, Blaze and Lifetime channels, the commission said. These channels are owned by A + E Television Networks, a Disney and Hearst joint venture.
"The Commission's decision is conditional on full compliance with commitments," he added.
The US Department of Justice approved Disney-Fox earlier this year in June, provided that Disney sells Fox's 22 regional sports networks.
As part of the deal, Disney will acquire Twentieth Century Fox film and television studios, as well as cable networks, including FX and National Geographic Channel, Star India, and majority control of the streaming service. Hulu. At one point, it looked like Fox's 39% stake in Sky PLC
SKY, + 0.09%
would also go to Disney, but Fox agreed in September to sell its interest in European pay TV to Comcast Corp.
CMCSA, -0.53%
Earlier this month, Comcast had won three auctions with Fox to take control of Sky.
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The deal significantly expands Disney's tremendous entertainment portfolio, placing the Star Wars and Marvel franchises under the same umbrella as "Avatar" and "The Simpsons". Disney also owns ABC, ESPN, Pixar, Marvel Studios and Lucasfilm.
Disney shares have grown 8.3% since the beginning of the year, while the S & P 500
SPX, + 0.32%
gained 2.9%. The Dow Jones Industrial Average
DJIA, + 0.32%
gained 3%.
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