Rupert Murdoch, the 87-year-old media tycoon, the founder and co-executive chairman of 21st Century Fox and News Corp decided to sell his major companies to Walt Disney company after a long much-awaited discussion. The new digital competitors like Facebook, Amazon, Netflix, and Google were turning out to be a major threat for Murdoch’s companies for quite some time and this probably made Murdoch for a drastic step to enter into a deal to sell the bulk of the company to Disney and retaining a stake in the combined entity . The proposed  $70 billion agreement requires Iger, the Disney chief executive to remain as CEO.

It’s a very emotional and painful decision for Murdoch as he had to give away his life’s hard work and career building. His decision to sell part of his empire can be considered as the end of a golden era. This is also a surrender to the competition of digital companies that are able to convert their shows into real money. Even his competitors admit the fact that Murdoch’s name is undoubtedly the biggest name anyone would have heard in the media industry.

The value of 21st Century Fox has risen by roughly $40 billion, to $91 billion, since CNBC first broke the story of Disney’s interest. Media experts consider this decision as the end of a legacy carried for decades  by Murdoch and his family