The Walt Disney Company is buying up just about all of Rupert Murdoch's 21st Century Fox. For $52.4 billion, Disney will get Fox's movie studio, TV studio, regional sports networks, and national cable networks like FX and National Geographic – but not Fox News or FS1, which Murdoch says will be spun off into a new company.

If it's approved by regulators, the acquisition will put Disney in a position to compete more directly with Netflix, Amazon, and the rest of the streaming giants. The deal will grow Disney's arsenal of studios, networks, and content rights while giving it a majority stake in Hulu. Hulu is a joint venture, and Disney and 21st Century Fox currently own a 30% stake apiece.

Disney is planning to launch a sports streaming service, ESPN Plus, in the Spring. Another streaming project, which will boast content from Lucasfilm, Marvel, Pixar, and the eponymous Disney brand, is coming in 2018. Now, Disney has a whole lot more content that it can choose to integrate into those services: everything from New York Yankees games to episodes of The Simpsons.

Regulators still have to okay the deal, which raises anti-trust concerns. But if, as Disney expects, the deal goes through, then it will have a profound effect on the future of streaming and cord cutting.