The European Commission confirmed the move today and said it was extending its deadline for reviewing the deal to November 11 from October 19. It did not provide details about what Disney has offered. The agency will be speaking with Disney and Fox customers and competitors in evaluating the proposed concessions.
In the U.S., Disney settled with the Department of Justice in June, agreeing to sell Fox’s 22 regional sports networks in order to get the DOJ’s green light. The $71.3 billion merger has cleared most other major regulatory hurdles and is expected to close at the beginning of 2019.
Separately today, Disney announced amendments to some terms and conditions pertaining to some $18.1 billion in new shares of the merged company, which it is calling New Disney in financial disclosures. The amendments outline minor changes to the agreements governing the exchange of shares.
Disney set October 19 as the deadline for shareholder approval to adopt the proposed amendments.
While it is down slightly from the 52-week high it established a month ago, Disney stock is up 1% today to about $114. As the closing of the Fox merger approaches, investors have been buying in to the company’s strategy of creating a deeper pool of content and ramping up direct-to-consumer streaming efforts.
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