The Walt Disney Co. is looking to acquire 21st Century Fox for $52.4 billion in stock, Disney announced Thursday morning.
Fox will retain some of its properties, including Fox News, but Disney will own most of its massive film and TV empires.
“The acquisition of this stellar collection of businesses from 21st Century Fox reflects the increasing consumer demand for a rich diversity of entertainment experiences that are more compelling, accessible and convenient than ever before,” Bob Iger, chairman and CEO of The Walt Disney Co., said in a statement announcing the acquisition.
The deal will allow Disney to “create more content, serve consumers better on the domestic and international level and essentially grow our offerings to consumers in multiple ways,” he said.
According to the Wall Street Journal, Disney also will assume about $13.7 billion of 21st Century Fox’s debt, bringing the total value of the deal to $66.1 billion.
The agreement isn’t a done deal just yet – as the acquisition still needs to be approved by regulators and the Justice Department.
If the deal goes through, it could have a massive effect on Disney’s future; granting Disney the rights to a number of Fox properties which includes, to name a few, The Simpsons, the Planet of the Apes franchise, and Avatar.