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The Walt Disney Co. announced on Thursday morning that it is acquiring 21st Century Fox for $52.4 billion in stock.
According to the deal, Fox will spin off and retain some of its properties, including Fox News, but Disney would own Fox’s massive film and TV empires.
“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,” Bob Iger, chairman and CEO of The Walt Disney Co., said in a statement announcing the acquisition.
Disney, which owns ABC News, taking ownership of one of America’s largest movie studios from the Rupert Murdoch-controlled company is one of the biggest media deals in recent years.
“We are extremely proud of all that we have built at 21st Century Fox, and I firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace in what is an exciting and dynamic industry,” said Rupert Murdoch, executive chairman of 21st Century Fox, in a statement.
The remaining 21st Century Fox assets include Fox News Channel, the Fox broadcast network and the Fox Sports 1 sports channel.
Disney, which is home to family friendly films such as “Frozen” and “Finding Dory,” will now also include assets from Fox that target a different demographic, such as FX Networks and National Geographic Channel.
Along with the movie studio and the aforementioned TV channels, Disney will have a majority ownership of Hulu, which airs originally produced series such as “The Handmaid’s Tale.”
And added to the Disney library will be TV shows such as “The Simpsons” and classic films such as “The Sound of Music.”