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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.

Expand chart
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.

Go deeper

Texas AG sues Biden administration over deportation freeze

Texas Attorney General Ken Paxton speaks to members of the media in 2016. Photo: Alex Wong/Getty Images

Texas Attorney General Ken Paxton is suing the Biden administration in federal district court over its 100-day freeze on deporting unauthorized immigrants, and he's asking for a temporary restraining order.

Between the lines: The freeze went into effect Friday, temporarily halting most immigration enforcement in the U.S. In the lawsuit, Paxton claims the move "violates the U.S. Constitution, federal immigration and administrative law, and a contractual agreement between Texas" and the Department of Homeland Security.

Dan Primack, author of Pro Rata
1 hour ago - Podcasts

Carbon Health's CEO on unsticking the vaccine bottleneck

President Biden has said that getting Americans vaccinated for COVID-19 is his administration’s top priority given an initial rollout plagued by organizational, logistical and technical glitches.

Axios Re:Cap digs into the bottlenecks and how to unclog them with Carbon Health chief executive Eren Bali, whose company recently began helping to manage vaccinations in Los Angeles.