Fox stock jumps after report that Comcast is preparing to battle Disney for megadeal

Shares in 21st Century Fox Inc. spiked higher Monday evening after a report that Comcast Corp. is preparing an all-cash deal to top The Walt Disney Co.'s $52.4 billion bid for some Fox assets. Reuters reported that Comcast is lining up financing for a bid, but waiting for a decision to come down in the antitrust trial involving AT&T Inc.'s proposed purchase of Time Warner Inc. Comcast offered a higher price than Disney for the assets originally, according to Fox filings, but Disney's bid was chosen due to regulatory concerns. If a judge allows AT&T's deal with Time Warner to go through, Comcast will make its move for the Fox assets, Reuters reported, based on anonymous sources. The Wall Street Journal previously reported that Comcast could revive its offer. A decision in the AT&T-Time Warner case is expected June 12. The Comcast-Fox-Disney drama has also extended to the U.K., where the three are involved in complicated merger drama involving Sky PLC. Fox shares shot 3.6% higher in after-hours trading Monday evening, while Disney stock fell about 0.5% and Comcast declined about 0.1%.