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Walt Disney buys 21st Century Fox for $52bn
World | business | 10:03, 15 December 2017 | 805

AKIPRESS.COM - Walt Disney has agreed to buy the bulk of 21st Century Fox's business for $52.4bn (£39bn), in a deal both companies said position them to compete in the rapidly changing media industry, BBCreported.

The purchase includes Fox's film and television studios, as well as its 39% stake in satellite broadcaster Sky.

Fox will form a news-focused company with its remaining assets.

The move is a sharp shift for 86-year-old Fox owner Rupert Murdoch after more than half a century of media expansion.

Mr Murdoch turned a single Australian newspaper he inherited from his father at the age of 21 into one of the world's largest news and film empires.

He said the break-up makes sense amid new threats from online advertising and competitors who are streaming entertainment into homes via the internet.

Fox shareholders, who include the Murdochs, will get a 25% stake in the larger Disney.

"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."

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