A deal has been reached for Disney to purchase the bulk of 21st Century Fox’s business for $52.4bn (£39bn).
In short, the purchase includes Fox’s film and television studios, as well as its 39% stake in satellite broadcaster Sky.
Disney will take over the NatGeo network, Star TV, Fox’s movie and TV studios and its stakes in Sky and Hulu, including parts of the business that focus on regional sports broadcasting. It will gain a majority stake in Hulu through the deal, too. Fox News, Fox’s basic broadcast network and its national sports channels will be spun off into a new company.
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“With today’s announcement, we launch the next great leg of our journey,” Rupert Murdoch said on Thursday in a call for investors.
He added later: “Are we retreating? Absolutely not.”