-- The Walt Disney Company reached an agreement with 21st Century Fox on Thursday to acquire the entertainment giant, including its 22 regional sports networks.
The deal is worth $52.4 billion in stock, plus $13.7 billion more in net debt that Disney is assuming.
The sports networks include the YES Network in New York, Prime Ticket and Fox Sports West in Los Angeles, and networks that carry 44 professional teams in Major League Baseball, the NBA and the NHL.
Disney also will acquire 21st Century Fox's film-production businesses plus its television-production units. It also includes FX Networks, National Geographic Partners, Fox Networks Group International, Star India and Fox's interested in Hulu, Sky plc, Tata Sky and Endemol Shine Group.
As part of the deal, 21st Century Fox retained the Fox television network and stations, Fox News Channel, Fox Business Channel, FS1, FS2 and the Big Ten Network. They will be part of a newly listed company after the close of the deal.
Disney chairman and chief executive officer Bob Iger has agreed to stay with the company through the end of 2021 as part of the deal.
The deal is subject to approval from shareholders and antitrust regulators.