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On June 27, the United States Department of Justice gave antitrust approval to Disney under the condition of selling Fox's 22 regional sports channels, to which the company has agreed.
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There has just been not only a tremendous amount of development in that space, but clearly the consumer is voting-loudly."
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Iger explained the reasoning behind the bid: "Direct-to-consumer distribution has actually become an even more compelling proposition in the six months since we announced the deal. On June 21, Murdoch said in response to Disney's higher offer: "We are extremely proud of the businesses we have built at 21st Century Fox, and firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace at a dynamic time for our industry." That still does not prevent other companies from making a bid, as the deal needed to be voted on by shareholders. On June 20, Disney and Fox announced that they had amended their previous merger agreement, upping Disney's offer to $71.3 billion (a 10% premium over Comcast's $65 billion offer), while also offering shareholders the option of receiving cash instead of stock. On June 18, it was reported that Disney will add to its already existing $52 billion claim to contest Comcast's proposed counteroffer for the Fox assets. Consequently, the next day, Comcast mounted a bid of $65 billion for the 21st Century Fox assets that were set to be acquired by Disney. Leon to acquire Time Warner, easing concerns Comcast had regarding whether government regulators would block their bid for Fox. On June 12, AT&T was given approval by District Judge Richard J. The next day, Disney and Fox announced that they have set their shareholder vote meetings for July 10, though both companies have stated that Fox's meeting could be postponed if Comcast came through with their offer. On May 29, it was reported that Disney was looking into making its own all-cash counter-offer for Fox assets in the event that Comcast went through with their offer. On May 7, 2018, shares of Fox rose 5.1% when a report was released that Comcast was in talks with investment banks and firms in order to obtain bridge-financing for an all-cash bid, reportedly worth $60 billion, that threatened the Disney-Fox deal. On December 14, 2017, the Walt Disney Company announced that it was acquiring most of Fox's parent company, 21st Century Fox, including the film studio. By December, only Comcast and Disney remained in talks with Fox, with Comcast dropping their bid on December 11. In November 2017, 21st Century Fox reportedly offered its filmed entertainment assets up for sale, with Comcast, Verizon, Sony, and the Walt Disney Company engaged in a bidding war. 2 Subsidiaries of 21CF acquired by Disney in the deal.
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