Walt Disney has announced the purchase of parts of 21st Century Fox in a landmark $52.4bn (£39bn) deal. The purchase will include Fox’s 39% stake in Sky and the 20th Century Fox film studio, according to BBC News.
The 21st Century Fox assets which will not be included in the deal, such as Fox News and Sports, will be held by a new company.
The deal marks a shift from owner Rupert Murdoch’s policy of media expansion. Since he started out aged 21 with a single Australian newspaper, Murdoch has purchased assets to build a global media empire.
Now aged 86, Murdoch is selling assets which commentators had believed would be passed to his sons, James and Lachlan. James Murdoch is tipped to be given a role by Disney in managing parts of the new business acquisition.
The deal will need approval from regulators in the US. The US Department of Justice recently blocked a planned $85.4tn deal for AT&T to buy Time Warner on the grounds that it would raise prices for consumers and competitors.
Fox is already under investigation by the UK Competition and Markets Authority over its bid to purchase remaining shares in Sky.