LONDON: Comcast Corp confirmed for the first time on Wednesday it was preparing a higher, all-cash offer for the businesses that Twenty-First Century Fox has agreed to sell to Walt Disney Co. While the US cable operator said it was still considering its position, it said it was in advanced stages of readying an offer that would be ‘superior’ and ‘at a premium’ to Disney’s all stock 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,’ Comcast said. Sources familiar with the deal told Reuters at the start of May that Comcast was preparing bridge financing for a cash offer for the Fox assets, but Wednesday’s statement is the first formal confirmation by the company it is ready to move. The same sources said Comcast Chief Executive Brian Roberts will only proceed with a bid if a federal judge next month allows AT&T Inc’s planned $85 billion acquisition of Time Warner Inc to proceed. Disney in December offered stock then worth $52.4 billion to buy Fox’s film, television and international businesses as it bids to beef up its offering against streaming rivals Netflix Inc and Amazon. com Inc. Disney shares have fallen nearly 3.3 percent since, reducing the value of the offer to just over $50 billion.
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