Disney Buys Most Of 21st Century Fox In $52B Deal

CNN Money reports:

Disney is buying a huge chunk of 21st Century Fox in a deal that promises to reshape the media industry and help the entertainment giant fend off digital rivals such as Netflix. The $52.4 billion all-stock deal will combine two of the biggest players in Hollywood.

In addition to 21st Century Fox’s movie studio and regional sports networks, Disney is buying cable channels FX and National Geographic. Disney will also get Fox’s stakes in Hulu and European pay-TV provider Sky.

Prior to the deal closing, Rupert Murdoch’s 21st Century Fox (FOX) will separate the Fox broadcasting network, Fox News Channel, Fox Business Network, and some national sports networks into a new company that will be spun off to its shareholders.