Walt Disney raises offer for Fox's assets to $71.3 bn; outbids Comcast

Fox shares jumped as much as 6.8 per cent on Wednesday, sending them to a record high

Walt Disney raised its offer for 21st Century Fox’s entertainment assets to $71.3 billion, outbidding Comcast 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. Still, the opportunity remains for the cable giant to return with sweetened terms.

At stake is a trove of media properties, ranging from “The Simpsons” to “X-Men”, that may help fend off