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Disney and Fox confirm major acquisition deal

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Deal is worth approximately $52.4 billion in stock

Walt Disney Chairman And CEO Bob Iger Rings Opening Bell At NY Stock Exchange Drew Angerer/Getty Images

Disney has announced it intends to purchase a majority of 21st Century Fox’s assets.

The news comes after a month of reports from The Wall Street Journal and CNBC, who alleged that Fox and Disney were interested in working toward a deal. A press release issued today confirmed Disney would acquire 21st Century Fox today for $52.4 billon in stock.

The deal affirms that Disney will own the rights to the “X-Men, Avatar, The Simpsons, FX Networks and National Geographic,” among other popular entertainment entities. Disney will also acquire 21st Century Fox’s 30 percent stake in Hulu, giving Disney a total stake of 60 percent in the company.

“We’re excited about this extraordinary opportunity to significantly increase our portfolio of well-loved franchises and branded content to greatly enhance our growing direct-to-consumer offerings,” Disney CEO, Bob Iger, said in a statement.

To help see the deal through, Iger will stay on as Disney CEO through 2021. Iger previously announced he was going to step down in 2019.

More information on which entertainment properties will be affected by the deal is expected to come in the following months.