Disney (NYSE:DIS) have confirmed a $52.4 billion (£39 billion) deal to acquire 21st Century Fox (NASDAQ:FOX).
The deal includes the 20th Century Fox film studio, which has produced franchises such as Avatar and Ice Age, alongside Fox’s TV production business, which is the home to many well-loved shows such as The Simpsons and Modern Family, and stations such as FX and National Geographic.
The multinational media firm would also acquire Fox’s 39 percent stake in Sky, the Star network in India and the Fox International Channels business.
21st Century Fox is still currently in the midst of awaiting for UK regulators decision on its bid to acquire the controlling stake of Sky (LON:SKY).
Back in September, the £11.7 billion bid was referred to the Competition and Markets Authority (CMA), amid concerns of Murdoch’s empire monopolising UK media.
This decision will be accordingly inherited by Disney following the merger.
“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,” commented Murdoch, executive chairman of 21st Century Fox.
Murdoch will also acquire a 5 percent stake in the Walt Disney empire, as he looks towards securing the future of his legacy.
Should the deal be approved by UK and US regulation authorities, Disney-Fox would control an astounding 40 percent of the $11 billion US box office market.
Media mogul Rupert Murdoch, will instead shift his focus onto developing his newspapers, which include the Wall Street Journal, The Times and the Sun, alongside the conservative Fox News Channel, which is heavily favoured by President Trump.
Shares in 21st Century Fox are currently trading down 2.96 percent as of 12.48PM (GMT). Conversely, Walt Disney is up marginally by 0.17 percent.