Male Anchor: How is he positioning the company going forward? Why is this such a important strategic move? And how does it compare to some of the other big deals he's made, like with Marvel, like with Lucasfilm?

Paul: Well, this is much bigger. This is $54 billion. And this is really his, I think, best, last effort to really position the company as a direct-to-consumer company to compete against the Netflix of the world. In order to bring his direct-to-consumer ESPN app to consumers, and his direct-to-consumer Disney brand to consumers, he needs more content. And so he needs the film studio of 21st Century Fox and all their content to really program these two channels fully, so that they can be competitive in the marketplace.

Male Anchor: So, Porter all that--

Porter Bibb: He's going to killed the cable industry, too, because he is going all digital.

Male Anchor: Well, that is an interesting point, because Disney has made so much money off of that cable industry for so long, not just with ESPN, with the Disney Channel, with the Family Channel, things like that. And it is interesting to sever that relationship-- he's not severing it, but to really move away from it.

Porter Bibb: He's moving away, right.

Male Anchor: That's a tough move.

Porter Bibb: Yeah, but he's going to control Hulu. He's going to turn Hulu into a very serious competitor to Netflix and Amazon. He's got ESPN across the board in a hundred different digital formats. And while the interest in NFL is lagging, they're down something like-- 18 to 49-year-old men in the last five years, 25 percent of them have moved away and are not following NFL football. But there are other sports. And what Disney is positioned to, is not only dominate digital in this country, but they're going global. One little-talked about asset is Sky in the UK, that's part of this deal, and that gives Disney a very good franchise in both Asia and in Europe.

Male Anchor: It's not just Disney we'll hear from. We'll also hear from CBS and Viacom. And the Disney deal has gotten some other media companies' attention where they might need to team up. What's going on with CBS, Viacom, and Les Moonves in particular?

Porter Bibb: Well, Shari Redstone has to put those two companies back together, and she will. Les Moonves is the sticking point. He wants absolute, unfettered control. If he gets it, fine. If he doesn't get it, he may have to leave. He did try to buy CBS three years ago on his own, and couldn't do it, because the Redstones have absolute control.

Male Anchor: But, Paul, in the past, Les Moonves, it appears to the outside world, has been able to say, "I don't want it to happen, it doesn't happen." Is his situation there different? Why is Shari willing, perhaps, as Porter says, to go over his objection?

Paul: I think the Disney 21st Century Fox deal really pushed her over the edge to say, "Listen." And now this whole scale issue, when we think about Amazon and Facebook and Googles down the road. We have to think 5 to 10 years down the road. If you are thinking that far down the road, and you're Shari Redstone, you have to put those two companies together. Ideally, Les is part of it, because Les is so well regarded by the street, it would be very-- it'd be a much better transaction with Les involved, but it appears that she'd be willing to do it without Les, and that is a much more risky transac--