Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Mexican regulator rejects delaying deadline for Fox Sports sale in Disney-Fox deal

Published 05/06/2021, 09:00 PM
Updated 05/06/2021, 09:11 PM
© Reuters. FILE PHOTO: A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid

MEXICO CITY (Reuters) - Mexico's telecoms regulator said on Thursday it has rejected a request to push back a deadline for the sale of Fox Sports in Mexico as part of the terms of Walt Disney (NYSE:DIS) Co's acquisition of Twenty-First Century Fox Inc (NASDAQ:TFCF) film and television assets.

The Federal Telecommunications Institute (IFT) said the request was made by Disney and Fox and that the deadline for the sale is May 7.

The deadline had been previously postponed for selling the Fox Sports channels because of the difficulty of completing the sale during the coronavirus pandemic.

© Reuters. FILE PHOTO: A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid

The IFT said that the "conditions prompted by the COVID-19 pandemic, which previously affected the sale process, today are different ... so extending the suspension period for the sale is not justified."

The IFT in 2019 approved Disney's $71 billion purchase of Fox's film and television assets, subject to the sale of Fox Sports channels, due to the "considerable" accumulation of market power the acquisition would create.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.