Comcast announced a $65 billion bid for Twenty-First Century Fox units that are currently in an agreement to be acquired by Walt Disney Co.
The bid, announced Wednesday, represents a 19 percent premium to Disney's offer. Comcast, the parent of CNBC, offered $35 a share in cash.
In a letter to Fox's board, and members of the Murdoch family, Comcast's CEO Brian Roberts said, "We were disappointed when [Fox] decided to enter into a transaction with The Walt Disney
Company, even though we had offered a meaningfully higher price." It goes on to say, "We are pleased to present a new, all-cash proposal that fully addresses the Board's stated concerns with our prior proposal."
The long-awaited bid comes a day after a federal judge cleared AT&T's $85 billion takeover of Time Warner, a deal the government had tried to block on competition grounds. AT&T's win in the court case is expected to usher in a wave of big mergers as companies look for new ways to combine.
In the media world, cable and telecommunications giants like Comcast are looking to add capabilities in creating the content they distribute across their networks. Viacom and CBS have also been dancing around a deal that would marry cable networks and the Paramount Pictures film studio with CBS's networks and local television stations.
CVS Health's proposed $69 billion merger with the insurance giant Aetna is also seen as a winner after the AT&T decision.
This story is developing. Please check back for further updates.