Regulation FD Disclosure.
Fox Corporation (FOX), a wholly-owned subsidiary of Twenty-First Century Fox, Inc. (the Company or 21CF)
intends to commence preliminary discussions with investors in connection with a potential financing consisting of senior unsecured notes (the Notes Offering) to qualified institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended (the Securities Act), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. 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
(Disney), TWDC Holdco 613 Corp., a Delaware corporation and wholly owned subsidiary of Disney (New 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. Upon the distribution of all of the issued and outstanding common stock of
FOX to stockholders of 21CF (other than holders of the shares held by subsidiaries of 21CF) on a pro rata basis, 21CFs guarantee will automatically terminate, and 21CF will be released from its obligations under the Notes.
In connection with these preliminary discussions, FOX confirms that it does not intend to bid for any of the Fox regional sports networks that
Disney (or any entity operating on its behalf) may sell as required by the consent decree with the U.S. Department of Justice.
information reported in this Item 7.01, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing under the Securities Act.
Cautionary Notes on Forward Looking Statements
This communication contains forward-looking statements within the meaning of the federal securities laws, including
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and
financial condition, and often contain words such as expect, anticipate, intend, plan, believe, seek, see, will, would, target,
similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the proposed transaction and the
anticipated benefits thereof. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any
forward-looking statements, including the failure to consummate the proposed transaction or to make any filing or take other action required to consummate such transaction in a timely matter or at all, are not guarantees of future results and are
subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to:
(i) the completion of the proposed transaction may not occur on the anticipated terms and timing or at all, (ii) the required regulatory approvals are not obtained, or that in order to obtain such regulatory approvals, conditions are
imposed that adversely affect the anticipated benefits from the proposed transaction or cause the parties to abandon the proposed transaction, (iii) the risk that a condition to closing of the transaction may not be satisfied (including, but
not limited to, the receipt of legal opinions with respect to the treatment of certain aspects of the transaction under U.S. and Australian tax laws), (iv) the risk that the anticipated tax treatment of the transaction is not obtained, (v) an
increase or decrease in the anticipated transaction taxes (including due to any changes to tax legislation and its impact on tax rates (and the timing of the effectiveness of any such changes)) to be paid in connection with the separation prior to
the closing of the transactions could cause an adjustment to the number of shares of New Disney, a new holding company that will become a parent of both Disney and 21CF, and the cash amount to be paid to holders of 21CFs common stock,
(vi) potential litigation relating to the proposed transaction that could be instituted against 21CF, Disney or their respective directors, (vii) potential adverse reactions or changes to business relationships resulting from the
announcement or completion of the transactions, (viii) risks associated with third party contracts containing consent and/or other provisions that may be triggered by the proposed transaction, (ix) negative effects of the announcement or
the consummation of the transaction on the market price of 21CFs common stock, Disneys common stock and/or New Disneys common stock, (x) risks relating to the value of the New Disney shares to be issued in the transaction and
uncertainty as to the long-term value of New Disneys common stock, (xi) the potential impact of unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial
condition and losses on the future prospects, business and management strategies for the management,