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The Walt Disney Company Confirms It Is Buying 21st Century Fox Assets

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The Walt Disney Company has confirmed that it will acquire a large part of 21st Century Fox for more than $50 billion in stock. The deal means the rights to popular franchises like the X-Men and The Simpsons will be controlled by Disney.

Disney is buying the Murdoch family’s Fox movie and television studios and some cable and international TV businesses for about $52.4 billion, as the home of Mickey Mouse tries to meet competition from technology companies in the entertainment business.

Disney’s all-stock deal for 21st Century Fox gives it the studios that produce the Avatar movies, “The Simpsons” and “Modern Family,” though Murdoch will form a new company to keep the U.S. television networks, including Fox News Channel, Fox Business Network and Fox Broadcasting. “The Simpsons” will continue to air on Murdoch’s Fox stations. The deal also brings Marvel characters such as X-Men and The Avengers under one roof — Disney’s.

Murdoch’s new company will get national rights to Major League Baseball, the NFL, NASCAR and college sports through the Fox TV network and cable networks FS1, FS2 and Big Ten Network. Disney is getting Fox’s regional sports networks, including the Yes Network showing the New York Yankees.

In owning these properties, Disney will be in a better position to compete with the likes of Netflix when it launches ESPN- and Disney branded streaming services in the coming years.

That Rupert Murdoch and his sons were willing to sell off much of the business that has been built up over decades came as a shock to the entertainment industry.

Murdoch, who built a global media and entertainment empire out of an inheritance from his father in Australia, said what remains of his family’s business will be able to focus on American news and sports. During a call with investors Thursday, Murdoch and his sons described the move as a return to the company’s lean and aggressive roots.

apnews.com/2675f79102e94cacaa22fa2886827d74/Disney-buying-large-part-of-21st-Century-Fox-in-$52.4B-deal?utm_campaign=SocialFlow&utm_source=Twitter&utm_medium=APBusiness

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