This morning, Disney announced a $66.1 billion deal (including debt acquisition) to acquire a major stake in 21st Century Fox.

The deal will greatly increase Disney's position worldwide and give them access to Fox's expansive film catalog in preparation for Disney's plan to create its own streaming service to compete with Netflix. It also includes Fox's movie studios, FX, National Geographic Network, and Fox's 39% stake in Sky UK and Star India.

Disney is footing a $52.4 billion bill for Fox's assets which leaves Disney investors owning 25% of Fox. The deal does not include Fox News, local stations, or Fox broadcast network. Insiders expect these remaining assets to merge with News Corp. Disney has agreed to a $2.5 billion breakup fee if US anti-trust regulators block the deal.

The restructuring of studios like Fox 2000 (which put up Best Picture nominee Hidden Figures) and Fox Searchlight (which helmed 12 Years a Slave and The Shape of Water) are unclear as of now.

The deal comes just before the December 15 release of Star Wars: The Last Jedi, certain to be a major box office bell-weather for Disney.