Walt Disney Co. on Wednesday closed on its $71.3 billion acquisition of the media assets of 21st Century Fox.

The move by the Burbank entertainment and media giant reduces to five the number of Hollywood film and television studios and represents the latest consolidation in the industry.

Chief Executive Robert Iger called the deal an historic one for Disney and one that creates long-term value for it and its shareholders.

“Combining Disney’s and 21st Century Fox’s wealth of creative content and proven talent creates the preeminent global entertainment company, well positioned to lead in an incredibly dynamic and transformative era,” Iger said in a statement.

Disney is acquiring Fox’s movie and television studios, cable channels and overseas television networks along with a controlling stake in streaming service Hulu. It is selling off the Fox Sports regional networks under a consent decree with the U.S. Department of Justice.

It is generally agreed that the deal was done to provide Disney with more content as it prepares to launch its Disney + direct to consumer streaming service later this year in a bid to challenge the dominance of Netflix Inc.

Shares of Disney (DIS) closed down 1 cent, or a fraction of a percent, to $109.99 on the New York Stock Exchange.

Mark Madler is a reporter with the San Fernando Valley Business Journal, where this story first appeared.