Shares of media giant Comcast jumped 4.6 percent Thursday after announcing a bid to buy key assets from 21st Century Fox. The stock also posted its biggest one-day gain since December 2017, when it gained 4.9 percent.
Comcast, the owner of NBCUniversal, parent company of CNBC, said Wednesday it would pay $65 billion for Fox's movie studios, stakes in Hulu, Sky and Endemol Shine Group, as well as networks FX, Star TV and National Geographic. Comcast is also a co-owner of Hulu. The shares are still down 17 percent this year on concern it may be overpaying for assets, but investors appeared to be rethinking that Thursday.
The bid puts Comcast on a collision course with Disney, which agreed to buy those same assets for $52.4 billion in December. Fox turned down an earlier offer from Comcast. Disney shares rose 2.3 percent and were the best performers in the Dow Jones industrial average. Fox's stock, meanwhile climbed 2.1 percent.