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Fox Says No Plans To Bid For Regional Sports Networks Disney May Sell

FOX Corp., a wholly-owned subsidiary of Twenty-First Century Fox Inc. (FOX,FOXA), confirmed that it does not intend to bid for any of the Fox regional sports networks that Disney may sell as required by the consent decree with the U.S. Department of Justice.

Fox plans to commence preliminary discussions with investors in connection with a potential financing consisting of senior unsecured notes. The net proceeds of the Notes Offering will be principally used to partially fund the dividend payment to the Company in the amount of $8.5 billion in accordance with that certain Amended and Restated Agreement and Plan of Merger dated as of June 20, 2018 among the Company, The Walt Disney Company, TWDC Holdco 613 Corp., a Delaware corporation and wholly owned subsidiary of Disney, WDC Merger Enterprises I, Inc., a Delaware corporation and wholly owned subsidiary of New Disney, and WDC Merger Enterprises II, Inc., a Delaware corporation and wholly owned subsidiary of New Disney. 21CF will fully and unconditionally guarantee the Notes on a senior unsecured basis.

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