The Nasdaq composite jumped to an all-time high on Thursday as dealmaking activity lifted technology and media shares.
The tech-heavy Nasdaq rose 0.9 percent to 7,761.04 with Facebook also reaching a record high. Netflix and Alphabet also contributed to the index's gains. The S&P 500 also closed higher, climbing 0.3 percent to 2,7872.49.
Shares of Twenty-First Century Fox rose 2.1 percent after NBCUniversal-parent Comcast announced a bid to buy several major units of the media giant for $65 billion. Comcast's bid tops Disney's, which agreed to a $52.4 billion deal. Comcast shares rose 4.6 percent while Disney gained 1.3 percent.
"I think this is really their opportunity recreating a company that looks like Disney," said Rich Greenfield, an analyst at BTIG, on CNBC's "Squawk Box."
Comcast CEO "Brian Roberts was sort of embarrassed when Comcast tried to buy Disney [in 2004]. That was a very difficult time for Comcast. … In 2015, Disney was one of the lead complainers about stopping the Comcast acquisition of Time Warner Cable, another loss for Brian. I just don't think Brian will lose a third time," Greenfield said.