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Comcast tops Disney's offer for 21st Century Fox

Photo: Robert Alexander/Getty Images

Comcast on Wednesday offered to buy the entertainment assets of 21st Century Fox for $35 per share in cash, representing a $65 billion equity value. This easily tops Fox's agreed-upon deal with Disney, which valued the equity at around $52.4 billion and was mostly in Disney stock.

"We have long admired what the Murdoch family has built at Twenty-First Century Fox.  After our meetings last year, we came away convinced that the 21CF businesses to be sold are highly complementary to ours, and that our company would be the right strategic home for them."
— Beginning of Comcast letter to 21st Century Fox board