INTERNATIONAL - Walt Disney has offered concessions in an attempt to allay EU antitrust concerns over its $71.3 billion bid for Twenty-First Century Fox Inc’s entertainment assets, the European Commission said on Monday.
Disney submitted its proposal on Friday, according to a filing on the EU competition enforcer’s website which however did not provide details.
The Commission extended its deadline for reviewing the deal to November 11 from October 19. It is now expected to seek feedback from customers and rivals before deciding whether to accept the concessions or demand more.
Disney secured approval from the US Justice Department for the deal in June on condition after agreeing to sell Fox’s 22 regional sports networks.
The deal would expand Disney’s unrivalled portfolio of some of the world’s most popular characters, uniting Mickey Mouse, Luke Skywalker and Marvel superheroes with Fox’s X-Men, “Avatar” and “The Simpsons” franchises.
Disney owns ABC, ESPN, Pixar, Marvel Studios and “Star Wars” producer Lucasfilm, plus an array of theme parks. The Fox assets being acquired include a cable group with FX Networks, National Geographic and 300-plus international channels, plus Fox’s stake in Hulu.