EU Regulators Set Deadline to Rule on Disney Acquisition of Fox Assets

European Union regulators have until October 19 to rule on Disney's $71.3 billion bid for Twenty First Century Fox's entertainment assets, the European Commission said Monday (via Reuters).

Disney sought EU clearance for the deal on September 14. The EU will launch a four-month investigation should it have serious concerns; otherwise, it can clear the landmark deal with or without concessions.

The ruling marks the latest major step towards the deal's completion after the United States Department of Justice agreed to a settlement with Disney in June granting the conglomerate antitrust approval to buy Fox's many entertainment assets with the caveat it sells off Fox's 22 regional sports networks.

Shareholders for both companies voted to approve the deal in July.

In December, when Disney first started its dealings with Fox, it was learned the regulatory process surrounding an approved deal is expected to take 12 to 18 months to be completed.

Once completed, Disney will come to fully own the screen rights to Marvel Comics characters like Deadpool and the X-Men. Disney-owned Marvel Studios will then be free to integrate those characters into the shared Marvel Cinematic Universe, home to characters like Iron Man and Black Panther.

Disney CEO Bob Iger confirmed in December Marvel Studios is "looking forward to expanding the Marvel Cinematic Universe to include X-Men, Fantastic Four and Deadpool," and the door is open for future R-rated Marvel productions in the vein of Logan.

The merger will see the creation of New Fox and a separation agreement that transfers to the company assets Disney will not be involved with, namely a portfolio of 21st Century Fox's news, sports and broadcast businesses, including the Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports cable networks FS1, FS2, Fox Deportes and the Big Ten Network.

21st Century Fox retains all media assets not transferred to New Fox, including the Twentieth Century Fox film and television studios — home to properties like Avatar, Planet of the Apes and The Simpsons that will then be Disney-owned — and certain cable and international television businesses, channels like FX and FXX.

In addition to absorbing National Geographic and over 300 international channels, Disney also gets Fox's stake in streaming service Hulu, upping its ownership to 60%.

The Fox assets will help fill out Disney Play, the in-the-works Disney streaming service Iger has called "the biggest priority of the company during calendar [year] 2019."