The Walt Disney Company is reportedly in advanced talks to buy entertainment assets of 21st Century Fox for $60 billion.

The New York Times reports that a deal could be announced as early as next week as talks seem to be moving at a fast pace. Fox is also said to be in talks with Comcast but these seem to be slow.

If the deal goes through, James Murdoch is expected to leave the Murdoch run family Fox empire, to join Disney as its new CEO. His father and brother will remain at Fox to focus on news and sports assets.

With the new deal, Disney and Fox will be in a much stronger position to compete against Netflix and Amazon, who have been stealing away audiences from traditional television. Under the new agreement, Disney would be a huge chunk of Fox’s empire, including its movie and television studios, Sky channels in UK/Europe, Star TV in India and a stake in the Hulu streaming service.

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