It sounds like Disney will be acquiring all of Fox's IP rights, their catalogue, and the right to use it's various movie companies as production entities, adding them to their own subdivisions. To avoid anti-trust issues I read that most of Fox's entertainment TV properties (Fox the network, Fox the TV studio, etc.) will basically become sole entities-- likely funded by other third parties.
An overall studio like Disney can own individual mini-studios that are set up as divisions with different charters. For example, that's how they can have Lucasfilm, Disney films, Marvel, and Pixar all operate under their own name with their own mission. The various Fox studio entitites will be classified this way.
But you can't quite do that with a TV. Right now anti-trust laws say that a studio can own ONE network broad cast channel, and some odd number (I don't know what) of cable channels under the same banner. Disney already has ABC on the network side, so owning Fox the network isn't allowed. And by that token, they can't have FX, FXX, etc. either.
So it could get even messier when you have IP shared between TV and movies (like they are currently doing with Gifted and Legion being tied to the X-Men universe (sort of).
No word on who will get the physical studio in Century City which has a ton of history attached to it. It's still weird to me that the classic old golden age MGM studio is now the Sony lot.