Media tycoon Rupert Murdoch's six children will become billionaires with the closing of the $71 billion deal by the Walt Disney Company to acquire 21st Century Fox.

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As much as $12 billion of proceeds from the deal, which became effective on Wednesday morning, are set to be distributed to Murdoch's children - Prudence, Elisabeth, Lachlan, James, Grace Helen and Chloe, and Murdoch's own fortune will dip from $19.3 billion to $7.3 billion, according to reports.

The deal covers most of Murdoch's former empire including 21st Century Fox's film production businesses, including Twentieth Century Fox, Fox Searchlight Pictures, Fox 2000 Pictures, Fox Family and Fox Animation; Fox's television creative units, Twentieth Century Fox Television, FX Productions and Fox21; FX Networks; National Geographic Partners; and Fox Networks Group International.

The deal also makes Disney the owner of Star India, Tata Sky and Endemol Shine Group.

However, Murdoch's Fox Corp would retain its independence and entities like Fox News and Fox Sports in the US.