Disney willing to divest more Fox assets for deal clearance

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Chief executive officer and chairman of The Walt Disney Company Bob Iger and Mickey Mouse look on before ringing the opening bell at the New York Stock Exchange (NYSE), November 27, 2017 in New York City.

Walt Disney said on Thursday it was willing to divest Twenty-First Century Fox assets that generated up to $1 billion in earnings before interest, tax, depreciation, and amortization (EBITDA) to get a regulatory nod for the deal.

Disney in a regulatory filing said it was willing to divest the assets, potentially including regional sports networks. The media conglomerate had previously planned to divest Fox assets that generated $500 million in EBITDA.

Fox has been in the middle of a bidding war between Disney and Comcast, with Disney on Wednesday raising its bid for the bulk of Fox’s film and television assets to $71.3 billion. NBCUniversal and CNBC parent Comcast is likely to further raise its offer.

Disney and Comcast want to add to their own entertainment businesses with Fox’s well-known TV shows and movie franchises, like the “X-Men” superheroes and “The Simpsons,” to better compete with fast-growing digital rivals Netflix and Amazon.com.

Disney Chief Executive Officer Bob Iger, who has been working with regulators around the world for the past six months, has downplayed antitrust concerns related to the deal.