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The Walt Disney Co. is acquiring most of 21st Century Fox Inc. for $52.4 billion in stock, Disney announced this morning. Fox will spin off and retain some of its properties, including Fox News, but Disney would own Fox's substantial film and TV empires.

"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," Disney chairman and CEO Bob Iger said in a statement announcing the acquisition.

For Disney, which owns ABC News, taking ownership of one the country's largest movie studios from the Rupert Murdoch-controlled company would be among the biggest media deals in recent years.

Twenty-first Century Fox executive chairman Rupert Murdoch said in a statement, "We are extremely proud of all that we have built at 21st Century Fox, and I firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace in what is an exciting and dynamic industry.”

Evan Agostini/Invision/AP

Iger said today on “Good Morning America” the deal will allow Disney to use “cutting-edge technology to reach consumers in far more compelling ways.” Iger said the deal grew from conversations he and Murdoch had beginning over the summer.

“He and I were musing at some point this summer about the industry and the need to reach consumers in the ways that I described and the disruptive forces that we’ve both witnessed during our time in this business,” he said. “After some musing it seemed to me there might be an opportunity to put our companies together and to create something that’s even better than the two that were separate companies.”

He added, “I think he viewed this as not only good for the assets that he had built but good for the shareholders of his company.”

The newly announced deal will give Disney the technology to deliver entertainment to consumers when and how they want it, according to Iger. He said launching a direct-to-consumer service is “one of the primary priorities of the company right now.”

“We’re not really looking to necessarily reach the scale of Netflix quickly but we certainly aim to be an able competitor to theirs,” he said. “More importantly, we believe this is the wave of the future, to be able to reach consumers directly. There’s clearly a value proposition associated with that but it’s also something that consumers want because in doing so you can tailor the offering to consumers in far more customized ways, more personalized ways.”

The remaining 21st Century Fox assets would include Fox News Channel, the Fox broadcast network and the Fox Sports 1 sports channel.

Disney, which is home to family friendly films such as "Frozen" and "Finding Dory," will now also include assets from Fox that target a different demographic, such as FX Networks and National Geographic Channel, pending regulatory approval.

Along with the movie studio and the aforementioned TV channels, Disney will have a majority ownership of Hulu, which airs originally produced series such as "The Handmaid's Tale."

"I think it’s pretty clear today that consumers want access to entertainment, one, that is high quality but, two, they want access pretty much anywhere, anytime, anyhow and it requires new technology to be able to deliver it in that fashion," Iger said on "GMA." "Hulu certainly provides that so the controlling stake in Hulu that we will acquire with this acquisition is one way to provide that."

And added to the Disney library will be TV shows such as "The Simpsons" and classic films such as "The Sound of Music."

Disney-Marvel via AP

Iger plans to stay on as Disney CEO through 2021, saying he has "one of the greatest jobs in the world."

Rupert Murdoch's sons, James Murdoch and Lachlan Murdoch, will soon be announcing "plans of their own," according to Iger. He said James Murdoch, the CEO of 21st Century Fox, will help Disney with the transition.

"James and I will be talking over the next number of months," Iger said. "He is going to be integral to the integration process and he and I will be discussing whether there’s a role for him or not at our company."

During an investor's call in November, Iger, who took over Disney's helm in 2005, spoke of the company's long-term growth. "We continue to make significant investments required to drive long-term growth across our entire company," Iger said.

He continued, "No other company in entertainment today is better equipped to meet the challenges of the changing world or better positioned for continued growth thanks to our collection of brands, our strong franchises and our unique ability to leverage IP [intellectual property] across our entire company to maximize value and create new opportunities. We'll continue to invest for the future and take the smart risks required to keep moving forward."

George Kraychyk/Hulu via AP Photo

The acquisition of Fox's ownership of Hulu will mesh with Disney's streaming service, slated for a 2019 launch.

During the investor's call, Iger said the streaming service will offer a "rich array" of content from four of Disney's major brands: Disney, Pixar, Star Wars/Lucasfilm and Marvel. Iger also said it will have four or five exclusive feature films per year. There are also original series already in development for the service, including a "Star Wars" live-action series, as well as series based on the "Monsters" film and the "High School Musical" series. The service will also offer thousands of hours of Disney film and TV library product, he added.