Assisting 21st Century Fox during its acquisition by The Walt Disney Company

CRA was retained to assist Fox in its acquisition by TWDC. Therefore, when the transaction was notified to CADE, Marcio de Oliveira was engaged in the case.

CADE initially raised concerns in two relevant markets: film distribution and sports dedicated channels for pay-tv. Regarding the first market, CRA produced evidence of market share volatility, which was enough for CADE to dismiss its concern. Regarding sports channels, we submitted evidence of rising competitiveness in auctions for sports transmission rights, which prevented the acquiring company from foreclosing the market, as there were no barriers to entry of new players.

Even though, given the overlap between ESPN and FoxSports, CADE demanded the divestment of FoxSports. There were no buyers, the acquisition was reassessed by CADE and cleared based only on behavioral remedies.

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