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Comcast looks to thwart Disney's Fox deal with larger offer
US telecommunications conglomerate Comcast confirmed that it was looking at taking steps to scuttle 21st Century Fox and Disney's $52.4bn deal with a bigger offer of its own.
Comcast announced on Wednesday that it was in the advanced stages of assembling a larger bid.
"Any offer for Fox would be all-cash and at a premium to the value of the current all-share offer from Disney," Comcast said in a statement.
"The structure and terms of any offer by Comcast, 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," added the US's second-largest multi-channel video service provider.
Disney had already agreed to purchase Fox assets, such as its film and TV studios and international pay-TV properties, but not the Fox News channel, Fox Business Network, Fox Broadcasting Company and certain other assets.
At the open, Fox shares had ticked up 0.89% to $38.50, while Comcast and Disney shares were down 1.63% to $31.98 and 1.02% to $102.93, respectively.