President Trump spoke with 21st Century Fox CEO Rupert Murdoch yesterday about the $52.4 billion Fox-Disney deal, Axios' Dan Primack and Sara Fischer report.

• Why it matters: "Trump and Murdoch are old pals, but this conversation could raise accusations of political favoritism when it comes to regulatory approvals. Not only for Disney/Fox, but also for AT&T's attempted takeover of Time Warner."

Details of the deal:

• The transaction would include 21st Century Fox’s film and television studios, like 20th Century Fox and its rights to popular movies like X-Men and Avatar, its cable entertainment networks, like Nat Geo TV and FX, and international TV businesses, like its 39% in UK-based Sky News and Star TV in India.
• Disney also gets Fox's 30% stake in Hulu. Added to its existing 30% stake, Disney becomes the controlling stakeowner in the streaming property.
• Disney expects to achieve $2 billion in "cost synergies" by 2021, which often is corporate-speak for layoffs, it said in an investor call today.
• Disney would owe Fox a $2.5 billion breakup fee in the event of government opposition. That either means Disney is quite confident in regulatory approval, or means that Fox is wary.

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