21st Century Fox Inc. activist investor Chris Hohn said he will back Comcast Corp.'s bid over the current offer from Walt Disney Co., The Wall Street Journal reported.
This comes shortly after Comcast confirmed that it is in advanced stages of preparing an offer to acquire assets that Fox earlier agreed to sell to Disney.
In a private letter to Rupert Murdoch, Hohn revealed that he owned a 7.4% stake in Fox and dismissed regulatory risks from closing a Comcast-Fox deal. He encouraged Murdoch to engage with Comcast on an offer.
Comcast will likely wait until a judge rules on the AT&T Inc.– Time Warner Inc. deal before making a formal offer, people close to the cable giant said.
A report earlier in May indicated that Comcast was seeking a bridge loan increase to fund its planned all-cash bid for a majority of Fox's assets.
