The Walt Disney Company (NYSES:DIS) has won US anti-trust approval to acquire a majority of Twenty-First Century Fox’s (NASDAQ:FOX) assets, according to a Reuters report.
The Justice Department will permit Disney to buy Fox’s assets for US$71.3bn on the condition that it sell 22 regional sports networks.
READ: Clash of the (media) titans: What is driving the Fox, Comcast, Disney bidding war over Sky?
The media titan had said in a regulatory filing last week it was willing to divest some of Fox’s assets if it meant getting regulatory approval for the deal, even if the assets generated up to US$1bn.
The company had previously been willing to divest assets generating around US$500mln.
Disney still has a few more regulatory hoops to jump through before the deal is set in stone.
Shares of Disney were up more than 1% to US$105.48 while shares of Twenty-First Century Fox were also up more than 1% to US$47.98 in Wednesday afternoon trading.