Comcast may make an offer for Twenty-First Century Fox, potentially putting it in a head-to-head bidding war with Disney.
The company did not provide specific details on a bid, other than to say that it would be all cash and at a premium to the value of Disney’s current all-stock offer.
The Wall Street Journal and others reported earlier this month that Comcast had 60 billion dollars (£45 billion) to challenge Disney.
Disney’s 52.4 billion dollar (£39.3 billion) bid would go a long way in allowing it to better compete with technology companies in the entertainment business.
Any tie-up would put in its stable more Marvel superheros, as well as the studios that produced the Avatar films, The Simpsons and Modern Family.
Disney would control Fox’s cable and international TV businesses as well.
Comcast said on Wednesday that it is in the “advanced stages” of preparing its bid.
The Philadelphia company said the structure and terms of its offer would be at least as favourable as Disney’s.
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.