FOX AGREES TO A $71 BN OFFER FROM DISNEY IN BLOW TO COMCAST

Walt Disney Co. raised its offer for 21st Century Fox Inc.’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 the threat from Netflix Inc. and other streaming upstarts.

Both Disney and Comcast are looking to use the Fox assets to bolster their content and expand overseas.