Disney have proposed an updated deal to purchase most of the Fox entertainment network. Having initially offered the multi-billion-dollar company a sum of $52.4 billion in stock, Disney have increased their offer to a staggering $71.3 billion in both stock and cash.
The move comes after Comcast, another global telecommunications company based in the US, offered Fox an all cash offer of around $65 billion.
Disney and Comcast are fighting to acquire prized media assets including the Twentieth Century Fox film and TV studio, as well as international assets including Sky PLC.
Disney introduced their new bid ahead of a Fox board meeting in London, according to the Wall Street Journal.
The sale of the large majority of Fox organisations comes amid the increasing threat online streaming poses to traditional TV networks, as well as some declining revenue at Fox in recent years.
The acquisition of Fox’s resources and programming would help boost Disney’s efforts to create its own branded streaming service. Rumoured in the past year, a Disney-branded streaming service would look to compete against industry leaders such as Netflix and Amazon at a time when the use of streaming services appears to be booming.
According to Disney, the deal would also see Fox creating a broader range of movies, TV shows and sports that have the potential to feature on the new streaming service, rumoured to be accessible sometime next year.
By Kyle Arthur
Image of Disney CEO Robert Iger and Executive Chairman of 21st Century Fox Rupert Murdoch. Provided by Walt Disney Co.