21st Century Fox has been in negotiations to sell most of its company to Walt Disney Co.

It is believed the talks between Bob Iger, CEO of Walt Disney Co. and Rupert Murdoch, Chairman and CEO of News Corp, have been going on for a number of weeks.

It seems that Fox will be primarily focus on news and sports and is considering selling off its entertainment assets that include Star TV and Sky TV channels. Fox would then be free from having to compete with larger-scale media conglomerates like Disney and Comcast, according to CNN.

Disney would have control of major entertainment brands that include 20th Century Fox Studios, Fox Television, FX, National Geographic, Sky channels and the Star TV channels. Apparently, it gears to launch a Netflix-style streaming service next year.

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