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Bidding war: Disney increases Fox bid to fend off Comcast

Disney CEO Robert Iger. Photo: Chip Somodevilla/Getty Images

The Walt Disney Company announced Wednesday a new $38-per-share acquisition bid for 21st Century Fox, giving Fox shareholders the option to select cash or stock in the combined entity.

Why it matters: Disney was forced to increase its bid for Fox's entertainment properties after Comcast unveiled a higher bid for the same properties last week at $65 billion, which was significantly higher than Disney's original $52.4 billion offer.