Comcast said Wednesday that while no final decision has been made, the work to finance the offer is well advanced. The company also is preparing to begin talks with Fox shareholders as soon as this week, a person close to Comcast said.
Separately, activist investor and Fox shareholder Chris Hohn said he would back a Comcast bid over the current deal with Disney, the investor told Rupert Murdoch in a private letter Wednesday in which he urged the media mogul to engage with Comcast on a deal.
Mr. Hohn disclosed he owned a 7.4% stake in Fox, larger than previously known, and said he was unconcerned about regulatory risk from closing a Comcast-Fox deal, according to a copy of the letter reviewed by The Wall Street Journal. Fox didn’t immediately respond to a request for comment.
Contacted by phone, Mr. Hohn said the letter is meant to guarantee that Comcast is given a fair chance to bid against Disney for the Fox assets. He said his firm, TCI Fund Management,“is willing to fight to ensure there is a full and fair auction for Fox” and that “no obstacle should stand in the way.”
Comcast has been contemplating a renewed pursuit of Fox’s assets since the deal with Disney was announced in December at a lower price than Comcast had offered. For both Comcast and Disney, the pursuit of Fox is a gambit to better compete against Netflix Inc. and other global tech giants as the American pay-TV landscape comes under pressure.