Burbank-based Walt Disney Co. offered $71.3 billion in cash and stock for the film and television assets of 21st Century Fox , outbidding Comcast, which placed a $65 billion all-cash bid for Fox earlier this month.

Disney's new bid is $35.7 billion in cash – about half Comcast's – and the balance in stock.

The media giants are looking to acquire Fox's film production assets, as well as networks National Geographic and FX, Star TV, and stakes in Sky, Endemol Shine Group, Hulu and regional sports networks, according to CNBC.

Disney had originally reached a deal with Fox for about $52 billion, but Comcast came in with its offer after a federal judge cleared the way for another giant media deal between telecommunications giant AT&T Inc. and media company Time Warner Inc., the parent of Warner Bros. Entertainment in Burbank.