Disney's Fox deal gets China's approval

Disney agreed to purchase Fox's film and television assets for US$71.3 billion and received approval from European Commission earlier this month, subject to certain conditions.
Disney agreed to purchase Fox's film and television assets for US$71.3 billion and received approval from European Commission earlier this month, subject to certain conditions.PHOTO: REUTERS

SHANGHAI (REUTERS) - Walt Disney Co on Monday received unconditional approval from China for its deal to buy Twenty-First Century Fox's entertainment assets, clearing one of the last major hurdles for the deal to go through.

Disney agreed to purchase Fox's film and television assets for US$71.3 billion and received approval from European Commission earlier this month, subject to certain conditions.

Other major US-centric merger deals in the past year have run into trouble with Chinese regulators, against the backdrop of growing trade tensions.

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.

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 Warsproducer Lucasfilm, plus an array of theme parks.

Disney shares rose 1 percent to US$117.34, while those of Fox were up 3 per cent at US$49.60.