Comcast bid to buy Fox promised to top Disney's

Last Updated May 23, 2018 10:48 AM EDT

Comcast says it may make an offer for Twenty-First Century Fox, opening the door for a bidding war with Disney.

Comcast Corp., with a $60 billion war chest, did not provide specific details on a bid on Wednesday. But the company said that a bid would be all cash and at a premium to the value of Disney's current all-stock offer.

Disney has bid $52.4 billion bid for some of Twenty-First Century Fox's assets. The deal would go a long way in allowing it to better compete with technology companies in the entertainment business. It would give Disney access to more Marvel superheroes and the studios that produced the Avatar movies, "The Simpsons" and "Modern Family." Disney would also control Fox's cable and international TV businesses.

A potential transaction with either Disney or Comcast would not include the Fox News Channel, Fox Business Network, Fox Broadcasting Company and certain other assets.

Comcast said Wednesday that it's in the "advanced stages" of preparing its bid. The company said the structure and terms of its offer would be at least as favorable as Disney's.

Comcast's stock fell 2 percent in early trading, while shares of the Walt Disney Co. dipped slightly. Shares of Fox were up nearly 1 percent.