What happened

Shares of Twenty-First Century Fox (FOX) (FOXA) gained 22.1% in November, according to data from S&P Global Market Intelligence. The movie studio is looking for buyers, attracting at least one serious suitor.

So what

The thrill ride started on Nov. 6, when Walt Disney (DIS 0.82%) was said to have started buyout talks with Fox. Shares surged 10% higher on that report, but that was just the beginning. Two weeks later, Twenty-First Century Fox posted another 7% gain when Comcast (CMCSA -0.79%) emerged as a potential bidder for the studio's assets.

Here we stand, near the middle of December, and neither Comcast nor Disney have actually published a deal proposal yet.

A young couple watching TV, with shocked expressions and popcorn flying around the couch.

Image source: Getty Images.

Now what

That being said, Disney does look like a serious buyer of Fox's content catalog. Both companies have hired major investment banks to help them work out a deal, which should include everything but Fox's broadcast networks and some regional sports stations. Analysts have estimated that the price tag could land near $74 billion. Comcast could very well pull out all the stops and come up with a competing offer, which would merge Fox with Universal Studios instead. But as things stand today, the House of Mouse looks like the more likely buyer.

Putting Fox's content under Disney's capable wing would reshape Hollywood as we know it. As a Disney shareholder, I'm keeping a close eye on the Fox saga.