Comcast launches bid for Disney

Comcast, the biggest US cable-TV company, has offered to buy Walt Disney in a deal worth $66bn (£35bn).

The deal would create one of the world's largest media groups, including film studios, theme parks and the ABC television network.

Under the bid, Comcast would swap 0.78 of its shares for every Disney share, leaving Disney shareholders with 42% of the new company.

Comcast said it was forced to bid after Disney rejected its initial advance.

The offer is $5bn higher than Disney's market value at the close of trading on Tuesday and includes the film company's $12bn of debts, Comcast said.

More soon.