Disney buys large part of 21st Century Fox in US$52.4 bil. deal
Turning now to a mega media deal in the United States.
Disney has agreed to buy 21st Century Fox's entertainment assets in a deal worth an eye-watering 52-point-four billion U.S. dollars.
Ro Aram has the details.
Disney's majority purchase of Fox brings to a close more than half a century of expansion by Rupert Murdoch - a man who turned an inherited single Australian newspaper in to one of the world's largest news and film empires.
However, the recent revolution across media has convinced even him to take a step back.
The slimmed down Fox will focus more on news, but its film, television and international businesses will all go to Disney.
The deal is being seen as efforts to grow Disney's arsenal of shows to combat growing digital rivals, such as Netflix and Amazon.
The deal is expected to close in 12 to 18 months and will bring marquee franchises like "Avatar" and "The Simpsons" on top of Disney's previous purchases, which include Pixar Animation Studios, Marvel Entertainment and "Star Wars" producer Lucasfilm.
The purchase also gives Disney at least a 39 percent stake in European satellite-TV and broadcaster Sky.
Fox is hoping to acquire the remainder of Sky before the deal closes, so that it could give Disney full control after the sale.
Disney will also win majority control of Hulu - Fox's video streaming service partially owned by Comcast and Time Warner.
That service will prove vital in competing with the likes of Netflix, and Disney has also announced plans to launch its own streaming service in 2019.
Before the buyout, 21st Century Fox will separate the businesses it's keeping into a newly listed company that will be spun off to its shareholders.
The deal is yet to be finalized as shareholders of both Disney and Fox need to approve it, but it's widely expected to go through.