Walt Disney

(DIS) - Get Report

Tuesday took a 50% stake in the popular culture magazine

US Weekly

as part of a venture with

Wenner Media

, the publisher of

Rolling Stone

.

The Burbank, Calif., entertainment giant did not reveal any financial details of the agreement, but said the new company, called

US Weekly LLC

, aims to merge the content from Disney's vast entertainment network with

US Weekly's

hard-hitting reporting.

US Weekly

will also have several tie-ins to

ABC

broadcast and online activities, the company said.

The new company will be based in New York and managed by existing

US Weekly

executives.

Shares of Disney dipped 66 cents, or 2.23%, to $30.70 during midday trading on the

New York Stock Exchange

.