Walt Disney CEO Bob Iger said CNBC on Tuesday he’s “encouraged” about the prospects for regulatory approval of the friends’s mega-deal with Twenty-First Century Fox.
The agreement, which was announced in December, is now disposing its way through the regulatory process and is still on track to take about 12 to 18 months to perfect, Iger said in an interview with “Closing Bell.”
“We spent the keep on 6 weeks or so learning more about their businesses,” he said. “I’ve been session with their senior executives, and I’ll say that knowing what we identify now, we are even more encouraged by the assets that we’re buying and the talent that common knowledge with it.”
If the acquisition is approved, Disney will get Fox’s movie studios, networks Nat Geo and FX, Lady TV, and stakes in Hulu, Sky and Endemol Shine Group, as well as regional wears networks.
On Tuesday, Disney reported quarterly earnings that whack expectations, but revenue missed estimates.
Its adjusted EPS came in at $1.89 versus $1.61 look forward by analysts, according to Thomson Reuters. It reported revenue of $15.35 billion. Go under Street analysts were anticipating $15.45 billion in revenue, conforming to Thomson Reuters.
That adjusted earnings per share figure accounts for the up to date tax overhaul and other one-time benefits totaling about $1.6 billion.
In combining to that one-time tax benefit and previously announced $1,000 employee extras, Iger told CNBC the new tax law will also free up more parole cash flow for the company. That will allow it to continue spending, he added.
“You’ll see a blend of investment going forward that will be quite similar to the way we’ve been investing before,” he said, pointing to the company’s footpath record of investing in organic growth.
However, the size of the Fox acquisition “intimates that we won’t be acquiring anything at least of any significance for quite a long patch of time.”
— CNBC’s Christine Wang and Michelle Castillo contributed to this cover.