21st Century Fox is spinning off its broadcasting and sports divisions in order to sell its film and TV divisions to The Walt Disney Company. The deal's total value is $66.1 billion with Disney assuming $13.7 billion of Fox's net debt. Properties Disney will acquire include Avatar, The Simpsons, FX Networks, and National Geographic. This also sees the return of X-Men and Fantastic Four to Disney and Marvel.
Bob Iger will remain Disney's chairman and CEO through the end of 2021, at the request of the board of directors of both companies. During this time, Disney will launch its own streaming service and stand-alone ESPN digital service.
The next step will be for the Department of Justice to review any antitrust violations stemming from the acquisition. The DOJ recently sued to block AT&T's $85.4 billion deal to buy Time Warner on the basis that it will raise prices for consumers and competitors.