The Walt Disney Co. is dropping the 'Fox' brand from the 21st Century Fox assets that it acquired last March in a deal valued at $17 billion, Variety magazine reported Friday, citing a source close to the situation. The 20th Century Fox film studio will be renamed 20th Century Studios and Fox Searchlight Pictures will become Searchlight Pictures, according to the report. No final decisions have been made for the TV assets, which include 20th Century Fox Television and Fox 21 Television Studios. The Fox News channel remained as part of parent Fox Corp. . Fox and MarketWatch parent News Corp share common ownership. Disney shares were slightly lower Friday, but have gained 31% in the last 12 months, while the Dow Jones Industrial Average , which counts Disney as a member, has gained 20% and the S&P 500 has gained 26%.
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