Comcast Corporation (NASDAQ: CMCSA)confirmed on Wednesday that it is in preparation of topping Walt Disney Co.’s (NYSE: DIS) offer for Twenty-First Century Fox Inc. (NASDAQ: FOXA). Comcast said it is in advanced stages and will offer a “superior all-cash” offer.
“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.” said Comcast in a statement.
Last year December, Disney acquired Fox’s movie studios, sports networks and other segments of the company for a combined value of about $52.0 billion. The deal also included stakes in Sky and Hulu, totaling a value of $66.1 billion.
Earlier this month, sources said that Comcast was planning on acquiring Fox along with Sky for an offer of around $60 billion. The sources said that if Comcast and Disney start a bidding war, Comcast’s bid can reach up to $100 billion.
The same sources also said that Comcast would pursue to acquire Fox if AT&T’s (NYSE: T) offer for Time Warner Inc. (NYSE: TWX) is approved by government regulators. The offer was blocked by regulators, saying that the merger would dominate the media entertainment scene.
Disney’s possible merger with Fox will allow it to compete head-to-head against Netflix (NASDAQ: NFLX), but now Comcast wants to take a part in the media industry.
Pivotal Research analyst Brian Weiser said that the Comcast’s bid will still revolve around the outcome of AT&T and Time Warner’s deal.
“It all depends on the AT&T and Time Warner deal.” said Weiser, “If that goes through it is highly possible there will more than one bid for Fox.”
Fox shares rose by 1.3 percent shortly after the opening bell on Wednesday, while Disney shares fell by 1.53 percent.