The Walt Disney Company is set to make a major acquisition with the purchase of 21st Century Fox for $52.4 billion.
The deal will see Disney pick up Fox’s film and TV studios, cable entertainment networks and international TV businesses.
It also includes a controlling stake in streaming service Hulu, enabling Disney to become a more competitive player in the TV and movie streaming space to rival players like Amazon Prime and Netflix.
Key IP in the mega-deal includes X-Men, Fantastic Four, Avatar, Alien, The Simpsons, FX Networks and National Geographic.
Following the Disney's acquisition, Fox will spin off its broadcasting networking and stations, which include Fox News, Fox Business and Big Ten Network into a separate business. These parts of the company were not picked up by Disney.
Disney chief executive officer and chairman Bob Iger is set to remain as CEO of the company at least until 2021.
“The acquisition of this stellar collection of businesses from 21st Century Fox reflects the increasing consumer demand for a rich diversity of entertainment experiences that are more compelling, accessible and convenient than ever before,” said Iger.
“We’re honoured and grateful that Rupert Murdoch has entrusted us with the future of businesses he spent a lifetime building and we’re excited about this extraordinary opportunity to significantly increase our portfolio of well-loved franchises and branded content to greatly enhance our growing direct-to-consumer offerings.
“The deal will also substantially expand our international reach, allowing us to offer world-class storytelling and innovative distribution platforms to more consumers in key markets around the world.”