Disney Raises Offer for 21st Century Fox in Bidding War With Comcast

The Walt Disney Company sharply increased its offer for 21st Century Fox on Wednesday, as it looks to win a bidding war with Comcast for Rupert Murdoch’s entertainment conglomerate.

Under the terms of the new offer, Disney will pay the equivalent of $38 a share in cash or stock to take control of most of Fox’s businesses, a major increase from its $28 a share offer, originally made in December.

In a statement, 21st Century Fox said that the revamped offer from Disney was “superior to the proposal” made by Comcast earlier this month. It valued Disney’s bid at $71.3 billion, compared with Comcast’s offer of $65 billion.

“We remain convinced that the combination of 21CF’s iconic assets, brands and franchises with Disney’s will create one of the greatest, most innovative companies in the world,” Mr. Murdoch said in the statement.