For starters, you get a very big movie-making company. The two media conglomerates, which have talked about a deal in recent months, collectively control 29.4 percent of the U.S. film market, and a sizable chunk of the worldwide market.
Here's what that looks like in chart form:
And Fox was reportedly willing to sell more than its studio business, which includes the TV studios, which make TV shows for its own networks as well as hits like "This is Us" for its competitors. It was also talking about selling off some of its cable TV properties — but not its core sports or news channels — along with its stake in the Sky satellite TV business.
The two sides aren't talking now, and may never come back to the table again. But we can still glean plenty from the fact that they were talking, and from the deal they were reportedly talking about.
—By Peter Kafka and Rani Molla, Recode.net.
CNBC's parent NBCUniversal is an investor in Recode's parent Vox, and the companies have a content-sharing arrangement.