Comcast is reportedly in “advanced stages” of preparing a “superior” all-cash offer for 21st Century Fox.
The offer, which confirms recent rumours, will contest Disney’s $52.4 billion offer and potentially ignite a bidding war for the company.
Comcast said that any offer for Fox would be at a “premium to the value of the current all-share offer from Disney,” but did not provide a price tag.
It added that the structure and terms of its bid for the 21st Century Fox assets, “including with respect to both the spin-off of ‘New Fox’ and the regulatory risk provisions and the related termination fee, would be at least as favourable to Fox shareholders as the Disney offer.”
Comcast revealed in a statement, “While no final decision has been made, at this point the work to finance the all-cash offer and make the key regulatory filings is well advanced.”
Several of Fox’s investors recently said they would be “open” to terminating the company’s agreement with Disney.