Illustration: Rebecca Zisser/Axios

After a months-long battle, Comcast said Thursday it would no longer pursue the acquisition of 21st Century Fox's entertainment assets, nearly guaranteeing that Disney will acquire most of Fox barring any regulatory concerns.

Why it matters: The combined company will nearly double Disney's size, giving it enough content and international assets to take on Netflix, which has quickly become a dominant force in the American entertainment industry.

The new mega-media company will bring together two of Hollywood's "Big 6" movie studios, Walt Disney Studios and 20th Century Fox. Combined, the company will own 7 of the 10 highest-grossing films.

Last year, Fox and Disney collectively brought in roughly one third of movie studio revenue.

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Data: Box Office Mojo; Chart: Andrew Witherspoon/Axios

On the TV side, the deal will also give Disney access to a slew of new cable channels, like National Geographic and FX, that can be used to populate its own streaming service. Disney already owns several cable channels, like ESPN, Disney, and Freeform.

When it comes to streaming, some experts worry that the combined company could be problematic for Hulu, the streaming service that's jointly owned by Comcast, Fox, Disney and Turner (now owned by AT&T).

  • Disney has reportedly indicated that it would divest Hulu, which is about one-sixth the size of Netflix, if needed for regulatory approval.

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Why it matters: France has been "overpowered by a second wave,” President Emmanuel Macron said in a nationally televised address today. Macron said the "new wave will be stronger and deadlier" than the first.

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Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.