A crucial meeting on Tuesday between Brazil's regulators and Walt Disney Co. executive director Robert Iger over a proposed US $ 71 billion deal with 21st Century Fox Inc. ended without any agreement, representing a potential obstacle for the entertainment giant.
Brazil's antitrust regulator, known as Cade, has not yet decided a date for a decision on the agreement, according to two people close to the discussions. The legal deadline for a decision is March 17 and, if the case is not discussed at the February 27 meeting of Cade, an extension should be requested, said the people, who requested anonymity because the discussions are not public .
Brazilian regulators are still divided over whether the agreement can be approved without the need for Disney to sell one of the two sports channels in the country, Fox Sports or ESPN, the people said. In December, Cade published a report that said the agreement could pose a danger to the competition. Some Cade board members still see behavioral remedies as a viable option to obtain approval.
Iger and his lawyers declined to comment after the meeting.