CNBC is reporting that the leading contender to buy Fox’s regional sports networks is…. Fox.

What Has Happened:

  • As part of their purchase of 21st Century Fox, Disney agreed to purchase Fox’s 22 regional sports networks
  • Comcast’s bid for 21st Century Fox increased Disney’s valuation of the 21st Century Fox assets, including the regional sports networks
  • In order to get consent from the United States Department of Justice for the merger, Disney agreed to sell the regional networks within 90 days of their purchase of 21st Century Fox
  • CNBC is now reporting that the most serious contender to purchase the networks is New Fox, which is the new company that will consist of the Fox assets that Disney is not purchasing
  • Fox will presumably get the networks at a lower valuation than Disney gave them as part of their purchase of the original 21st Century Fox

Things to Remember:

  • Other bidders may still emerge, even though Fox is the presumed leader
  • It is unknown what Fox may be willing to pay for the regional sports networks
  • The deal could happen before Disney ends up buying 21st Century Fox

Upcoming Important Dates:

  • November 6: A decision on the deal is expected from the European Union
  • November 8: Disney reports earnings for their 2018 Fiscal Year (October 17 – September 18)
  • January 1: Both companies are expected to be prepared to complete the deal pending any needed regulatory approvals
 
 

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