Disney chief executive Bob Iger and Rupert Murdoch
Walt Disney has agreed to buy 21st Century Fox's entertainment assets for a total $52.4bn (£39bn).
The deal includes Fox's 39% stake in satellite broadcaster Sky, and the 20th Century Fox film studio, Disney announced.
Fox's remaining assets, including Fox News and Sports, will form a new company.
The deal ends more than half a century of media expansion by Fox owner Rupert Murdoch, who is 86 years old.