NATIONWIDE — Disney's multibillion-dollar purchase of a major part of 21st Century Fox is complete.

Fox Corp.: Disney-21st Century Fox deal complete

Walt Disney Company acquires Fox movie, TV franchises

Fox News, Fox Sports not included in purchase

RELATED: Reports: Disney CEO Bob Iger likely to extend term past 2019 Reports: Disney-Fox deal announcement expected Thursday



Fox Corp., the part of the company not included in the $71.3 billion deal, announced Tuesday that it began trading as a stand-alone company . Fox Corp. includes Fox Sports, Fox News and Fox Broadcasting.

The deal officially becomes effective at 12:02 a.m. ET Wednesday, the 21st Century Fox news release said. The deal was first proposed in December 2017, and Disney shareholders approved it in July 2018.

The Walt Disney Company's acquisition brings Fox's movie and television brands under Disney's umbrella, including Twentieth Century Fox, Twentieth Century Fox Television, Fox Searchlight, FX Productions, and other assets. This brings together everything from the various Marvel franchises to TV shows such as "The Simpsons."

Disney CEO Bob Iger was set to retire this year, but when Disney started negotiations for Fox, his contract was extended . Under Iger, Disney has acquired Pixar, Marvel Entertainment, and Lucasfilm.

The company is set to launch a streaming service this year that will compete with Netflix and Amazon.

The deal not only required federal regulators' approval, but a European Union executive commission had to OK the bid. The EU commission approved the deal with the stipulation that Disney sell off some TV channels it controlled in Europe.

Information from the Associated Press was used in this report.