Media investors reacted Thursday to the blockbuster Disney-21st Century Fox deal, with stocks of big media companies rising in early trading as Wall Street processed the implications of the $54.2 billion pact.

Disney shares were up as much as 1.8% as markets opened Thursday, while 21st Century Fox's stock climbed 0.4%. Disney is proposing to acquire the 21st Century Fox assets is for $28 per share, valued at $66.1 billion (including $13.7 billion in 21st Century Fox debt).

Following the deal's close, Fox shareholders will own about 25% of Disney.

What's worth noting: With reports circulating the last several weeks of an impending Disney-Fox deal, many investors likely have already made assumptions about the deal's impact.

Shares of Time Warner, which is in the midst of its own $85 billion takeover by AT&T, were up 0.1%.

Netflix shares, meanwhile, opened roughly flat at $187.98 per share.

Under the deal, Disney is acquiring 20th Century Fox; a cable group that includes FX Networks, National Geographic and more than 300 international channels; and 22 regional sports networks. In addition, Disney will pick up Fox's 30% stake in Hulu, 50% share of Endemol Shine Group, the Star India satellite service, and Fox's 39% interest in Euro satellite broadcaster Sky.