This morning Disney put in a new $71 billion cash/stock bid for 21st Century Fox, equating to $38 per share vs. Disney’s previous $28 offer and Comcast’s $35 per share offer last week. Fox responded calling the Disney offer “superior” to Comcast with positive commentary about the Disney combination in a statement, putting more pressure on Comcast and Robert’s to come back with another bid or risk losing this key deal to Disney. For Disney and Iger, raising its bid above that of Comcast is a “smart strategic poker move” in our opinion as this remains the golden assets Iger and Disney crave to catalyze its streaming and content ambitions over the coming years. This deal if successful in its battle vs. Comcast would put Disney in the catbirds seat in terms of content king and with its streaming service set to launch in 2019 Iger has a clear runway to gain market and mind share from the likes of Netflix. With Comcast already going after Sky assets in Europe, this is a logical and “aggressive move” for Comcast to go after these golden entertainment assets of Fox and would move Comcast to the forefront of the streaming game over the coming years in our opinion with Hulu as a crown jewel as part of this transaction which could be a bargaining chip. There are clearly vast synergies around the box office/advertising by combining Fox’s movie and television studio businesses (Pixar, Marvel, 20th Century Fox, etc.) with Disney’s vast entertainment assets that would give the combined media behemoth 35%40% of domestic box office market share, while we also estimate there are roughly $2 billion of cost synergies that could be realized in the first 12 to 18 months of the deal as Disney finds overlap on the studio front. Comcast’s bid would not have as much pure synergy in our opinion, however this would be a major and defining strategic win for the company and Roberts if they head in this direction. It appears Roberts is laser focused on acquiring these assets to add to Comcast’s competitive moat of content and distribution. We will be watching this news closely over the coming days/weeks as Disney’s acquisition of Fox represents the epicenter of Disney’s streaming endeavors and Comcast entering the Fox sweepstakes is a game of high stakes poker that could change the course of the media and streaming landscape for decades to come depending on which direction this deal heads. In a nutshell, if Comcast won these assets from the arms of Disney it would be a “devastating and hard to recover blow” to Iger and Disney’s streaming ambitions going forward which speaks to Disney’s very aggressive bid today. We maintain our Highly Attractive rating and $120 price target on Disney.