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Comcast working on bid to challenge Disney-Fox deal

Comcast Corp. said it is in advanced stages of preparing an offer to acquire assets that 21st Century Fox Inc. earlier agreed to sell to Walt Disney Co.

The assets do not include the FOX News Channel (US), FOX Business Network (US), Fox Broadcasting Co. and certain other Fox businesses. Any offer for Fox's assets would be all-cash and at a premium to the value of the current all-share offer from Disney, Comcast said.

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 favorable" to Fox shareholders as the Disney offer, Comcast added.

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.