Walt Disney Co. is determined to purchase 21st Century Fox, as it announced Wednesday morning that it has raised its bid for Fox’s movie and television assets up to $71.3 billion in cash and stock. The news comes a week after Comcast formalized its $66 billion counterbid to Disney’s original offer of $52.4 billion made in December 2017.

With Disney’s new offer, Fox shareholders “may elect to receive, for each share of 21st Century Fox common stock, $38 in either cash or shares of Disney common stock,” as mentioned in an official statement by the company. The acquisition also implies that Disney would assume almost $14 billion of net debt of Fox.

With a closing deal likely on the horizon, shares of both Fox and Disney have seen considerable rise. As of Wednesday afternoon, 21st Century Fox (FOXA) is up 7.54% to $48.08, with Disney (DIS) up about 1% to $107.15.

Randy Freer, CEO of Hulu, a joint venture with Disney, Fox, Comcast, and AT&T, appeared on CNBC yesterday to share his thoughts on the deal and what it would mean for Hulu’s ownership. “I think the best thing we get from all of owners is the vast amount of resources that they have… I don’t know if one owner would be better than three or four, but what we know today is we have every opportunity to drive our business forward and be right in the middle of where consumption is going… and we’re here to take advantage of that movement.”

Watch the full clip below:

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