Fox says it won't buy back regional sports networks from Disney
The new-look Fox Corp. on Friday announced that it will not bid for the 22 regional sports networks the Walt Disney Co. is selling off in accordance with the terms of the two media giants' $71.3 billion asset transfer.
In an 8-K filing with the Securities Exchange Commission, Fox stated that it "does not intend to bid for any of the Fox regional sports networks that Disney (or any entity operating on its behalf) may sell as required by the consent decree with the U.S. Department of Justice."
The transaction is expected to close toward the end of the first quarter, perhaps as early as next month. Antitrust concerns compel Disney to sell off the RSNs, which Guggenheim Securities analysts valued at $22.4 billion at the time the Mouse House initially proposed a deal to acquire 20th Century Fox.