Disney and Comcast's bidding war for 21st Century Fox properties has tipped back in favor of the Mouse House.
Both companies put in huge bids this month, but Disney upped the value of its own Wednesday to a whopping $71.3 billion, according to THR. Not long thereafter, 21st Century Fox agreed to the deal, the Wall Street Journal reports.
Disney's bid is a combination of cash and stock valued at $71.3 billion, which differs from Comcast's cash-only bid of $65 million from June 13. Fox called the higher value proposal "superior" in a press release on Wednesday and touted its belief that the deal will better benefit shareholders.
"We are extremely proud of the businesses we have built at 21st Century Fox, and firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace at a dynamic time for our industry," said Rupert Murdoch, executive chairman of 21st Century Fox.
Disney, for its part, highlighted how the Fox properties it seeks to gain will help it in the Netflix era. Bob Iger, Disney's chief executive officer, emphasized how the deal will improve "direct-to-consumer distribution," which consumers have shown they appreciate.
While Wednesday's developments look good for Disney, the deal still has to get approval from the Justice Department. The company seems confident that it is well-positioned -- or at least more so than Comcast.
"We believe that we have a much better opportunity, both in terms of approval and the timing of that approval, than Comcast does," Iger said.
Comcast can still put in another bid, as Ars Technica reports, but the company has not publicly commented on whether or not it has any plans to do so.