The Walt Disney Company on Thursday announced it had reached a deal to buy most of the assets from 21st Century Fox in an all-stock transaction valued at approximately $52.4 billion, according to The New York Times.
The Times on Thursday reported that should antitrust regulators approve the game-changing merger, it could ultimately change Hollywood and Silicon Valley.
"We're honored and grateful that Rupert Murdoch has entrusted us with the future of businesses he spent a lifetime building," Disney CEO Robert A. Iger said in a statement, referencing 21st Century Fox's chairman and CEO.
Disney would gain enough muscle from Thursday's deal to truly compete with Apple, Amazon, Facebook, Google and Netflix in the online video sphere.
The company owns ABC and ESPN, and it hopes that acquiring 21st Century Fox's assets will boost its goals of starting two Netflix-style streaming services.
ESPN Plus will arrive this spring, while a second, unnamed streaming service is due out late next year focused on the Disney, Marvel, Lucasfilm and Pixar brands.
Disney's purchase additionally means it will scoop up the Fox television studio, the FX and National Geographic cable television channels, and Sky of Britain and Star of India, two major television-service providers abroad.