Fox Business is reporting that 21st Century Fox has accepted Disney’s bid to buy the company for $71.3 billion.

This comes a week after Comcast offered $65 billion to purchase the media company, which oversees such film and TV divisions. In response to Comcast’s offer, Disney raised its bid from $52.4 billion to $71.3 billion. The new offer increased from $28 per share to $38 per share.

Additionally, Disney’s new offer gives Fox shareholders the choice on using either cash or Disney Stock, whereas Comcast’s was cash-only. As of Wednesday morning, Fox’s stock had climbed over 6 percent, while Disney’s had increased by just over 1 percent.

In a statement released today, Fox’s executive chairman Rupert Murdoch said, “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.”

Assuming the deal is finalized, Disney is set to gain control over numerous networks, including National Geographic, FX, and Star TV, as well as movie production companies such as Century Fox Television, Fox Searchlight Pictures, Twentieth Century Fox, and Fox 2000. Some of the big movie and TV franchises that would go to Disney include The Simpsons, Family Guy, Deadpool, and X-Men, the latter two of which are Marvel properties and could end up being incorporated into Disney’s Marvel Cinematic Universe in the coming years.

Source: Fox Business