Walt Disney Co. and 21st Century Fox set a new date Thursday _ July 27 _ for their shareholders to approve Disney's proposed $71.3 billion takeover of Fox assets.
The scheduling, outlined in a regulatory filing, increases the pressure on Comcast to either raise its bid for the Fox assets or abandon its attempt to buy them. This month, Comcast offered $35 a share, or $65 billion in cash, for the Fox television and movie studios, FX, National Geographic, regional sports networks, Fox's 30 percent stake in streaming service Hulu and valuable international television businesses.
Disney then raised its bid for the same assets to $38 a share, and Rupert Murdoch and other members of Fox's board quickly approved the enhanced Disney offer. Disney CEO Bob Iger is eager to buy the assets, which would give Disney more distribution outlets overseas and more programming for the proposed Disney-branded and Hulu streaming services.
On Wednesday, Disney won approval by the U.S. Justice Department for the proposed acquisition. To win the government's blessing, Disney agreed to divest Fox's 22 regional sports channels within three months of the deal closing.
Disney already owns 80 percent of ESPN, and the government believed the Burbank entertainment giant would have the power to squeeze pay-TV distributors and advertisers if it controlled both the national and local sports TV markets.
The Justice Department's review of the Disney-Fox deal was speedy. Disney filed for regulatory approval Feb. 1, and the antitrust regulators spent just five months scrutinizing the consolidation. In contrast, the Justice Department spent nearly a year looking into the AT&T-Time Warner deal before its ill-fated decision to sue to try to block that combination.
It's unclear exactly why the Disney-Fox deal won government approval so much more quickly.
The two deals differ in structure: Disney and Fox compete in the same fields, while AT&T and Time Warner brought together a distribution company and a company that produces content.
Disney agreed to a concession quickly, while AT&T refused to divest assets.
The Justice Department approved the Disney-Fox deal shortly after fighting the AT&T-Time Warner deal and suffering a defeat in court.
In addition, President Donald Trump had a problem with the AT&T-Time Warner deal, saying it was "too much concentration of power in the hands of too few." He also frequently expresses his disdain for CNN's coverage of him. CNN is part of WarnerMedia. In contrast, Trump in December signaled his approval for the Disney-Fox deal by calling his friend Murdoch and congratulating him.
Fox had scheduled a July 10 shareholder vote, but it postponed that meeting after Comcast made its offer. Murdoch and other members of Fox's board are recommending that Fox investors approve the sale to Disney.
Comcast declined to comment Thursday.
