IFT extends deadline for Disney and Fox to sell Fox Sports in Mexico until May 1st

Mexican Instituto Federal de Telecomunicaciones (IFT), telecommunications market regulator in the country, has officially announced last Friday, March 5th, its decision to grant The Walt Disney Company (Disney) and Twenty-First Century Fox (Fox) a new two-month period extension to complete Fox Sports Mexico’s sale.

The divestiture of Fox Sports in Mexico is one of the requirements ordered by the IFT to allow the Disney-Fox merger, which took place officially in March 2019. The period that the Mexican regulator had granted Disney and Fox for the sale ended this last Friday, March 5th. However, as reported by the IFT, on December 2nd, 2020, the companies requested the entity an extension of the term. As an answer to the initiative,  IFT granted a new deadline, which runs from March 1st to May 1st, 2021. According to the IFT, Fox Sports Mexico’s disincorporation period will end on May 7th this year

‘IFT defined that the extension is appropriate since, at this time, it is really difficult for Disney and Fox and the involved parties to continue with the divestiture process and achieve the sale of Fox Sports in Mexico as of March 5th  2021’, was reported from the Mexican regulator. In Brazil, the Consejo Administrativo de Defensa Economica (CADE) has approved the Disney-Fox merger May 2020, without the requirement to sell Fox Sports in that country.

As reported by different specialized websites, some of the companies interested  in acquiring Fox’s sports business in Mexico are AT&T, Mediapro, America Movil, the Grupo Lauman (controller of the Mexican telecommunications company Cotelsat and newspaper ‘El Financiero’); Grupo Prisa, Multimedios; Televisa and NBC Universal.