Robert Iger
Walt Disney Co CEO Robert IgerReuters

Let the celebrations begin! Walt Disney Co has confirmed it has acquired 21st Century Fox's film and television. The official website reveals that the deal is valued at $52.4 billion which includes film and television studios, cable and international TV businesses.

As part of the official announcement, it has been confirmed that three major Marvel franchises – X-Men, Deadpool and Fantastic Four will now be part of Disney. In a statement, the Mouse House also teased the possibilities of a potential crossover and interconnected universe taking place in the future.

"The agreement also provides Disney with the opportunity to reunite the X-Men, Fantastic Four and Deadpool with the Marvel family under one roof and create richer, more complex worlds of inter-related characters and stories that audiences have shown they love," the site's statement read.  

Apart from these Marvel characters, Disney also holds rights to 21st Century Fox's critically acclaimed film production businesses, including Twentieth Century Fox, Fox Searchlight Pictures and Fox 2000. All these Fox studios jointly held rights of Avatar, X-Men, Fantastic Four and Deadpool.

Disney also acquires Twentieth Century Fox Television, FX Productions and Fox21, that have successful shows like The Americans, This Is Us, Modern Family, The Simpsons and many other hit TV series.

The Mouse House 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, the official Walt Disney reveals.

Following the acquisition, Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network will be part of a newly listed company that will be spun off to its shareholders, Disney's website reveals.

"The acquisition of this stellar collection of businesses from 21st Century Fox reflects the increasing consumer demand for a rich diversity of entertainment experiences that are more compelling, accessible and convenient than ever before," said Robert A. Iger, chairman and chief executive officer of  The Walt Disney Company.

"I'm convinced that this combination, under Bob Iger's leadership, will be one of the greatest companies in the world. I'm grateful and encouraged that Bob has agreed to stay on, and is committed to succeeding with a combined team that is second to none," said Rupert Murdoch, executive chairman of 21st Century Fox.

Disney also confirmed that Iger will represent the studio as the chairman and chief executive officer of until 2021.