It would also be seen as a big move for Disney CEO Robert Iger who has his own reputation for making headstrong bets.
James on the other hand is expected to snag a top spot at Disney and be in line to possibly succeed Bob Iger when he steps down as CEO of the company.
"We're excited about this extraordinary opportunity to significantly increase our portfolio of well-loved franchises and branded content to greatly enhance our growing direct-to-consumer offerings".
The rise of streaming services and the so-called cord- cutting movement against cable television, together with declining advertising revenue, have contributed to a rapidly changing landscape for media companies.
Scarlett Moffatt Praises 'I'm A Celebrity' Winner Georgia 'Toff' Toffolo
'I felt really skinny, ' Toff, 23, says of her body following weight loss during the show. She added: "I've just had to embrace my small boobies".
Iger also said Hulu, of which Disney will acquire full control, is likely to become more "adult oriented" as an streaming service, compared with an ESPN sports service and a planned Disney family-oriented streamer that will skew to more wider consumer audiences. The company also gains a controlling stake in Hulu.
The deal brings to a close more than half a century of expansion by Murdoch, 86, who turned a single Australian newspaper he inherited from his father at the age of 21 into one of the world's most important global news and film conglomerates.
Immediately prior to the acquisition, 21st Century Fox will separate the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company that will be spun off to its shareholders.
Fox said that it will press ahead with attempts to buy the 61% of the broadcaster it does not already own before the Disney deal closes. 21st Century Fox shareholders will receive 0.2745 Disney shares for each 21st Century Fox share they hold under the deal. Iger did point out that Disney's ownership puts it in a position to ramp considerably on original content based on its existing intellectual property, however. We're honored and grateful that Rupert Murdoch has entrusted us with the future of businesses he spent a lifetime building, " Iger said in a statement.
Disney stands to both make and save money with this deal.