PPU acts for 21st Century Fox in $71bn asset sale to Disney
Chilean law firm Philippi Prietocarrizosa Ferrer DU & Uría (PPU) acted as local counsel to Twenty-First Century Fox in the sale of its film and television assets to The Walt Disney Company, a transaction valued at $71 billion, and which includes the Twentieth Century Fox Film and Television studios, along with its cable and international TV businesses.
The deal is likely to be the largest transaction reviewed by Chile’s National Economic Prosecutor’s office (FNE) in the last two years, according to the law firm.
“The strategic importance and the overall worldwide significance of the transaction cannot be overstated,” PPU added. “This transaction is likely to be a landmark case, and which will give way to case law in the media and television markets.”
PPU had been providing counsel on the case since May 2018.
Commenting on the acquisition, which closed on March 20, 2019, Robert A. Iger, Chairman and Chief Executive Officer at The Walt Disney Company, said: “This is an extraordinary and historic moment for us, one that will create significant long-term value for our company and our shareholders.”
“Combining Disney’s and 21st Century Fox’s wealth of creative content and proven talent creates the preeminent global entertainment company, well positioned to lead in an incredibly dynamic and transformative era,” he added.
PPU’s team was led by partner Ignacio Larraín and also includes associates Álvaro Espinosa and Gabriel Budnik.
The Walt Disney Company is being advised by Covington & Burling and Carey.
