The deal includes Fox's 39% stake in satellite broadcaster Sky, and the 20th Century Fox film studio, Disney announced.
Fox's remaining assets, including Fox News and Sports, will form a new company.
The deal ends more than half a century of media expansion by Fox owner Rupert Murdoch, who is 86 years old.
He turned a single Australian newspaper he inherited from his father at the age of 21 into one of the world's largest news and film empires.
