Comcast announced on Wednesday a roughly $65 billion all-cash bid for 21st Century Fox assets, an offer that pits the cable giant against Walt Disney Co.

Fox previously agreed to a separate stock-based deal with Disney, originally valued at roughly $66 billion. Comcast said its proposal of $35 per share is approximately a 19 percent premium on Disney’s stock offer, based on the change in Disney’s share price since the acquisition was announced in December.