07/11/2017 6:12 AM AEDT | Updated 07/11/2017 6:50 AM AEDT

21st Century Fox Reportedly Looking To Sell Majority Of Company To Disney

Brendan McDermid / Reuters

21st Century Fox, which owns Fox Entertainment Group, has reportedly been in talks to sell most of the company to The Walt Disney Co., according to CNBC.

No deal has been reached and the talks are not currently ongoing, CNBC reported, citing people familiar with the matter. The WSJ reported Monday that talks were no longer occurring.

Still, discussions could resume at anytime.

Any potential deal would leave Fox with a smaller set of news and sports properties, including Fox News, Fox Sports and Fox Business, according to CNBC. 

A deal would “bolster Disney’s dominance in Hollywood,” the Wall Street Journal reported. Disney is planning to launch some kind of streaming service to compete with providers like Netflix, and some of the Fox assets could help provide additional content.

21st Century Fox is the fourth-largest media conglomerate in the world, behind Comcast, Time Warner and Disney. While it deals primarily in film and television, Disney’s portfolio is more diverse, including live-action film production, television, theme parks, theater, radio, music, publishing and online media.

Since the news of the talks broke, shares of 21st Century Fox shot up 6 percent. Disney rose 1 percent.

21st Century Fox and Disney did not immediately respond to requests for comment.