Walt Disney raises offer for Fox assets to $38 a share

The bidding war for Fox’s movie and television assets continued with Walt Disney raising the offer to $71.3 billion in cash and stock after US cable giant Comcas’ all-cash bid of $35 a share valued at $65 billion last week. Fox said Disney’s fresh bid of $38 a share is superior to Comcast’s offer. Fox’s executive chairman Rupert Murdoch said a Fox-Disney combination will create one of the most innovative companies in the world. Fox shares jumped 6.3% in early trading on Wednesday while shares of Disney rose 1 per cent. The takeover battle rages as media companies are trying to consolidate amid competition from Netflix and Amazon.