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Twenty-First Century Fox Inc. (NASDAQ: FOXA) saw its shares jump on Wednesday after it was announced that Walt Disney Co. (NYSE: DIS) would be acquiring the firm. It took a couple tries but the Mouse House found the right price to outbid Comcast Corp. (NASDAQ: CMCSA) for Fox.

Under the terms of the agreement, Disney will be acquiring Fox for $38 per share in a cash and stock deal. The overall mix of consideration paid to Fox shareholders will be approximately 50% cash and 50% stock. The total price tag for the transaction is $71.3 billion.

However, Disney will not be getting all of Fox, as Fox is spinning off some businesses prior to the acquisition. The 21st Century Fox businesses to be acquired by Disney remain the same as under the original agreement.

The acquisition will occur immediately after the spin-off by Fox of the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company referred to as New Fox.

Robert A. Iger, board chair and chief executive of Disney, commented:

The acquisition of 21st Century Fox will bring significant financial value to the shareholders of both companies, and after six months of integration planning we’re even more enthusiastic and confident in the strategic fit of the assets and the talent at Fox. At a time of dynamic change in the entertainment industry, the combination of Disney’s and Fox’s unparalleled collection of businesses and franchises will allow us to create more appealing high-quality content, expand our direct-to-consumer offerings and international presence, and deliver more personalized and compelling entertainment experiences to meet growing consumer demand around the world.

Shares of Fox traded up nearly 7% at $47.80 Wednesday morning, with a consensus analyst price target of $40.40 and a 52-week trading range of $24.81 to $47.75.

Disney shares were last seen fractionally higher to $106.85, with a consensus price target of $119.08 and a 52-week range of $96.20 to $113.19.

Comcast traded essentially flat at $32.80. The consensus price target is $43.95 and a 52-week range of $30.43 to $44.00.