Disney, now the official ruler of most of the known universe, has purchased 20th Century Fox’s movie and TV production companies.

Thursday morning, a Disney/Fox joint press release unveils a game-changing development: as has been rumored, Disney has now officially bought 20th Century Fox (now 21st Century Fox) and 20th Century Fox Television.

As a result of this deal, Disney CEO Bob Iger has extended his contract through 2021.

Related: 20th Century Fox has spoken to Disney about acquiring Movie and (some) TV businesses

This is a huge acquisition for Disney, already a massive business with control over Marvel and Lucasfilm. With Fox, Disney now also controls the X-Men and Fantastic Four properties along with such franchises as Alien, Kingsman, Die Hard and Avatar.

The extensive, $50 billion deal also includes the FX Networks and National Geographic, Fox’s stake in Hulu, Sky and Star, and regional sports networks. Remaining 21st Century Fox properties Fox News, the FOX network and Fox Sports are not affected.

For Marvel fans, this might be good news, as this opens the door for more collaboration and overlap between Marvel and X-Men movie projects.

However, Disney’s growing control of Hollywood might be a concern for some, who might (rightly) worry that the uniformity of Disney’s brand and ethos could negatively affect the diversity of movie and television productions.

It might also be another nail in the coffin for most competing streaming services (barring Netflix, which is busy producing its own content) to Disney’s upcoming exclusive streaming service, as Fox properties will now also go on there.

From the Disney/Fox press release:

“The Walt Disney Company and Twenty-First Century Fox, Inc. today announced that they have entered into a definitive agreement for Disney to acquire 21st Century Fox, including the Twentieth Century Fox Film and Television studios, along with cable and international TV businesses, for approximately $52.4 billion in stock (subject to adjustment).

Building on Disney’s commitment to deliver the highest quality branded entertainment, the acquisition of these complementary assets would allow Disney to create more appealing content, build more direct relationships with consumers around the world and deliver a more compelling entertainment experience to consumers wherever and however they choose. Immediately prior to the acquisition, 21st Century Fox will separate the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company that will be spun off to its shareholders.

Combining with Disney are 21st Century Fox’s critically acclaimed film production businesses, including Twentieth Century Fox, Fox Searchlight Pictures and Fox 2000, which together offer diverse and compelling storytelling businesses and are the homes of Avatar, X-Men, Fantastic Four and Deadpool, as well as The Grand Budapest Hotel, Hidden Figures, Gone Girl, The Shape of Water and The Martian — and its storied television creative units, Twentieth Century Fox Television, FX Productions and Fox21, which have brought The Americans, This Is Us, Modern Family, The Simpsons and so many more hit TV series to viewers across the globe. Disney will also acquire FX Networks, National Geographic Partners, Fox Sports Regional Networks, Fox Networks Group International, Star India and Fox’s interests in Hulu, Sky plc, Tata Sky and Endemol Shine Group.”

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