The Walt Disney Co. has won U.S. antitrust approval for its $71.3 billion bid for Twenty-First Century Fox’s entertainment assets.
That sets the clock ticking for the deal to be completed. Disney has 90 days to seal the acquisition, with an option to extend for another 90 days.
The Department of Justice said Wednesday Disney must first sell its 22 regional sports networks.
Fox’s assets have been the target of bidding war between Comcast and Disney. Comcast offered nearly $66 billion for Fox’s assets. Fox has the option to consider other offers, and Comcast could raise its bid.
Telecom and broadband providers have been buying content makers to counter competition from companies like Netflix and Amazon.