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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.

By the numbers: Under the new offer, Disney is expected to pay approximately $35.7 billion in cash, according to a company statement. Disney would also assume about $13.8 billion of the net debt of 21st Century Fox.

The bigger picture: The bidding war between Comcast and Disney was expected to kick off after a judge last week ruled that AT&T's $85 billion purchase of Time Warner could proceed, over the government's antitrust objections.

Go deeper: The battle for Fox between Comcast and Disney.

Go deeper

Senate confirms retired Gen. Lloyd Austin as defense secretary

Photo: Greg Nash-Pool/Getty Images

The Senate voted 93-2 on Friday to confirm retired Gen. Lloyd Austin as secretary of defense. Sens. Mike Lee (R-Utah) and Josh Hawley (R-Mo.) were the sole "no" votes.

Why it matters: Austin is the first Black American to lead the Pentagon and President Biden's second Cabinet nominee to be confirmed.

House will transmit article of impeachment to Senate on Monday, Schumer says

Photo: Drew Angerer/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) announced that the House will deliver the article of impeachment against former President Trump for "incitement of insurrection" on Monday.

Why it matters: The Senate is required to begin the impeachment trial at 1 p.m. the day after the article is transmitted.

Dan Primack, author of Pro Rata
2 hours ago - Politics & Policy

Private equity bets on delayed tax reform in Biden administration

Illustration: Brendan Lynch/Axios

In normal times, private equity would be nervous about Democratic Party control of both the White House and Congress. But in pandemic-consumed 2021, the industry seems sanguine.

Driving the news: Industry executives and lobbyists paid very close attention to Treasury Secretary nominee Janet Yellen's confirmation hearings this week, and came away convinced that tax reform isn't on the near-term agenda.