Fox held talks to sell most of company to Disney

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The two sides aren't talking now and the negotiations, which took place over the last few weeks, may not lead to a deal, CNBC said.

For Fox, the willingness to engage in sale talks with Disney stems from a growing belief among its senior management that scale in media is of immediate importance and that there is not a path to gain that scale in entertainment through acquisition. With the shift to digital media, many believe that a corporation like Disney, rather than Fox, has the scale to compete in this new landscape.

At least one Wall Street analyst is taking a closer look at the potential deal in which The Walt Disney Co. would acquire most of the businesses of 21 Century Fox, and he likes what he sees.

Fox would continue to own its broadcast network and TV stations, cable news networks and sports businesses. Disney also would pick up Fox's Star and B Sky B worldwide networks. Apple, which also reportedly eyed the company, has always been seen as a potential buyer for Disney.

If Disney buys Fox, let be known that the Simpsons called it-almost 20 years ago.

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We'll be sure to keep you posted on this deal.

If a deal like this did happen and did receive regulatory approval, it could have some significant effects on sports.

Sheikh said he is surprised that the Murdoch family, which controls 21 Century Fox, would consider giving up control of the company. It's also a little frightening, as Disney-Fox would essentially create one Mega Hollywood studio conglomerate, which could make the modern movie going experience even more homogeneous than it already is.

Bringing in FOX Studios under its fold would be pretty huge for Disney as it recently purchased Pixar, Star Wars and Marvel. So it would definitely be interesting to see how a more-focused-on sports Fox would do, and how investors would react.

Variety reports Fox's stock price shot up more than 6 percent within 30 minutes of the CNBC report, and Disney shares also grew slightly to just under $100. Disney shares rose 1.6% on the news.