Disney has increased its offer for 21st Century Fox to $71.3 billion in cash and shares, a significant increase on an earlier $52 billion offer.
The move values Fox at $38 a share, $10 higher than Disney's first offer in December.
Disney is locked in a battle with US media conglomerate Comcast, which has offered $65 billion in cash for Fox.
Both Disney and Comcast are vying for Fox's entertainment assets, including movie studio, cable channels, National Geographic, a 30% stake in video website Hulu, and Indian network Star.
The pair are also separately battling over European news broadcaster Sky News.
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