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Walt Disney buys Murdoch's Fox for $52bn

Walt Disney buys Murdoch's Fox for $52bn

Business
Media playback is unsupported on your deviceWalt 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.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 home...