Disney to Buy 21st Century Fox Assets for $52.4B


Fried Frank acted as counsel to Goldman Sachs and Centerview Partners, as financial advisors to 21st Century Fox in the US$52.4 billion sale of its film, television studios, and cable and international TV assets to Disney. Under the terms of the transaction, shareholders of 21st Century Fox will receive 0.2745 Disney shares for each 21st Century Fox share they hold. As part of the transaction, 21st Century Fox will spin off the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company. The transaction has been approved by both Disney and 21st Century Fox boards of directors and is subject to customary closing conditions.
The Fried Frank team was led by corporate partner Philip Richter and included corporate partner Warren S. de Wied; tax partner Michael J. Alter; corporate associate Roy Tannenbaum, tax associate W. Reid Thompson , and corporate law clerk Mehar Najeeb.