The Walt Disney Company has reportedly offered concessions to European Union regulators who are set to rule on whether the company can complete their planned purchase of 21st Century Fox assets.
- Yahoo Finance reports that Disney submitted a proposal the European Commission on Friday.
- Unfortunately, the details of what fixes Disney would be willing to make in order to address the Commission’s antitrust concerns were not disclosed.
- Disney made a similar deal stateside, with the Justice Department making the acquisition contingent on Disney selling off 22 regional sports networks they’d gain from Fox.
- Due to the new offer, the EU has extended their deadline for ruling on the matter, pushing it from October 19th to November 11th.
- The Commission will use this extra time to obtain feedback from consumers and competitors before making its recommendation.
- While Disney’s bid to buy Fox was originally valued at $71.3 billion, Fox’s decision to sell its stake in Sky to Comcast will result in a $15 billion credit for Disney, taking the transaction down to $56.3 billion.