Disney outbids Comcast for Fox’s holdings

The Walt Disney Company have raised their offer to acquire the bulk of 21st Century Fox.

Disney is currently in a bidding war with Comcast over Fox’s film and television holdings. Disney initially offered $52.4 billion in December, which Comcast raised to $65 billion. Disney has now raised its offer to a superior $71.3 billion in cash and stock.

The deal would mean that Disney would acquire 20th Century Fox, Fox’s film studio and a cable group that includes National Geographic, several international channels, regional sports networks and FX networks. The deal also includes Fox’s 30% stake in Hulu.

Executive chairman of 21st Century Fox, Rupert Murdoch, said about the deal:

“We are extremely proud of the businesses we have built at 21st Century Fox, and firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace at a dynamic time for our industry.”

“We remain convinced that the combination of 21CF’s iconic assets, brands and franchises with Disney’s will create one of the greatest, most innovative companies in the world.”

Fox had arranged a meeting on July 10th for shareholders to vote on the deal which has now been postponed.