JUSTICE OK’S DISNEY BUY OF CAP CITIES
WASHINGTON — The antitrust division of the Justice Department has cleared the $19 billion takeover of Capital Cities/ABC by Walt Disney Co.
The deal must still be approved by the Federal Communications Commission, which is expected to consider the acquisition on Thursday.
Justice Department approval came after Disney agreed to sell its Los Angeles TV station KCAL-TV. Capital Cities owns KABC-TV, a competing station in Los Angeles.
Disney plans to pay $65 in cash and one share of Disney stock for each Capital Cities/ABC share. Capital Cities is the parent of Fairchild Publications.
— Fairchild News Service