Rupert Murdoch-controlled Twenty-First Century Fox has held talks to sell most of the company to Walt Disney Co, CNBC reported on Monday, citing unnamed people familiar with the matter.

Fox’s shares rose 5.8 percent to $26.40 in afternoon trading in response. Disney’s shares were up 1.2 pct at $99.86.

The CNBC report said the two sides were not talking currently, but had held talks in the last few weeks, reflecting a view among Fox managers that the firm could not gain the size needed to compete with Amazon, Netflix and other major media players. cnb.cx/2hgHcPA

A Disney spokesman did not immediately respond to a request for comment while Fox was not immediately available for comment.

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