Walt Disney has agreed to buy 21st Century Fox's entertainment assets

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Walt Disney has agreed to buy 21st Century Fox's entertainment assets for a total $52.4bn (£39bn). Much of 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.

Mr Murdoch said the transaction makes sense in a media industry undergoing seismic shifts due to online advertising and competitors who are streaming entertainment into homes via the internet.

"With today's announcement, we launch the next great leg of our journey," Rupert Murdoch said on Thursday.

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