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Disney Sweetens Fox Offer to $71 Billion, Outbidding Comcast

  • Deal would pay $38 a share for company’s entertainment assets
  • Comcast had made counteroffer for Fox’s operations last week
Bloomberg business news
Disney Said Set to Win Antitrust Approval for Fox PurchaseSource: Bloomberg)
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Walt Disney Co. raised its offer for 21st Century Fox Inc.’s entertainment assets to $71.3 billion, outbidding Comcast Corp. in a battle for one of the media industry’s biggest prizes.

The $38-a-share price is about $10 a share higher than what Disney proposed in December -- and $3 above Comcast’s bid from last week. Fox has accepted the offer, saying it provides more flexibility and other enhancements than the $65 billion Comcast deal.