21st Century Fox has been holding talks with Walt Disney Co. to sell the majority of the company to it, CNBC is reporting.

The deal would apparently see Fox let go of its scripted content and exist as a "media company tightly focused on news and sports" thereafter.

21st Century Fox's assets include Fox Searchlight Pictures, Fox News, Sky, Endemol and National Geographic.

The two industry giants are not thought to be engaged in talks right now, but there is the potential for them to be picked back up.

21st Century Fox may be looking to readjust in line with the changing media landscape, which now sees Facebook, Amazon and Netflix dominate - Fox not having the scale to match these companies in entertainment through acquisition.