Walt Disney has agreed to buy the bulk of 21st Century Fox's business for $52.4bn (£39bn), in a deal both companies said position them to compete in the rapidly changing media industry. The purchase includes Fox's film and television studios, as well as its 39% stake in satellite broadcaster Sky.
Fox will form a news-focused company with its remaining assets.Disney will scoop up Fox's movie and television studios, regional sports network and international holdings, among other investments.
The move adds to Disney's back catalogue high-grossing films such as the original Star Wars movies, the Marvel superhero pictures, Avatar and Deadpool, as well as TV hits such as Modern Family and The Simpsons. Disney already owns a vast array of news, film and leisure companies. But the media landscape is changing as technology companies like Amazon and Netflix attract customers to new ways of viewing. Disney is investing heavily in online streaming platforms, as a way to counter a downturn in its pay-TV business and threats from these new rivals.
