However, it marks a huge change of trajectory for Rupert Murdoch, who has built up his media empire over five decades to include huge swathes of the publishing, broadcasting and film industries, and the sale will mark one of the largest media deals in recent years.
"The acquisition of this stellar collection of businesses from 21st Century Fox reflects the increasing consumer demand for a rich diversity of entertainment experiences that are more compelling, accessible and convenient than ever before".
An acquisition of Fox's assets, including its film studio, cable channels and stakes in Hulu and Sky, would bolster Disney's content offering before rolling out the new service in 2019.
For Disney, Sky would provide greater global reach and yet another over-the-top streaming service.
Not to be outdone, 21st Century Fox also shelled out some big bucks recently, settling a sexual harassment lawsuit with Gretchen Carlson for $20 milllion and riding disgraced Fox News figureheads Ailes and O'Reilly with severance packages valued at $42 million and $25 million respectively after the men were fired from the company. One senior analyst said the deal is set to change the balance of power and control of news media in the United Kingdom due its ramifications for Britain's biggest pay-TV network. Not only would it allow Disney to expand their entertainment line, it would also allow them to merge X-Men and Fantastic Four into the Marvel Cinematic Universe, something that fans have been waiting for, for a very long time.
'When a set of assets like 21st Century Fox's becomes available, it's our responsibility to evaluate if there's a strategic fit that could benefit our company and our shareholders, ' the Philadelphia-based company said in a statement.
Some would no doubt point out that, even as an agreement is reached, the deal would still have to get regulatory approval, so this not a sure thing.
The Journal reported the deal would raise the value of Fox to $40 per share including $29 per share for the assets being sold.