After weeks of speculation, Disney has announced it has acquired 21st Century Fox's entertainment assets in a deal worth £39 billion.
The Murdoch family will acquire a minority stake in Disney as part of the deal, believed to be between five and seven per cent.
Disney now owns Fox's film and TV studio, the National Geographic and FX cable channels business, regional sports networks, as well as its 39 per cent stake in Sky.
Fox shareholders are expected to gain about a 25 per cent stake in Disney.
Lachlan and Rupert Murdoch will oversee what’s left of Fox, namely the Fox broadcast network, Fox News Channel, Fox Business Network and Fox Sports.
Disney also confirmed Bob Iger has extended his contract as chairman and CEO through to the end of 2021.
The acquisition is expected to yield "at least" $2 billion in cost savings "from efficiencies realised through the combination of businesses," Disney said.