Photo: Andrew Harrer/Bloomberg via Getty Images

Comcast confirmed Wednesday morning its preparing an all-cash offer for 21st Century Fox's entertainment assets, properties Fox has already agreed to sell to Walt Disney Company. Comcast says their offer is higher.

Why it matters: Fox initially rejected a higher bid from Comcast, fearing regulatory hurdles with a vertical merger, according to SEC filings. But if AT&T's merger with Time Warner is allowed, Fox may have incentive to take Comcast's higher bid, leaving Disney in the dust.

Comcast says that while no final decision has been made, "at this point the work to finance the all-cash offer and make the key regulatory filings is well advanced."

It wouldn't be shocking if Fox ditched Mickey Mouse for the telecom giant, although CNBC reported Tuesday that Fox is closing in on a shareholder vote over Disney's $52 billion bid for Fox's media assets.

  • While Fox executives have made it clear that Disney is its preferred merger partner, the company will need money to pilot its new separate sports and news network, and Comcast's bid is reportedly higher than Disney's.

Between the lines: A reported rivalry between Comcast CEO Brian Roberts and Disney CEO Bob Iger could also be playing into bidding wars.

Go deeper

Updated 30 mins ago - Politics & Policy

Ohio Gov. Mike DeWine again tests negative for coronavirus after positive result

Photo: Justin Merriman/Getty Images

Ohio Gov. Mike DeWine (R) tested negative for COVID-19 for a second time after initially testing positive last week, he announced Saturday.

Why it matters: 73-year-old DeWine was set to meet President Trump Thursday on the tarmac at an airport in Cleveland and was tested as part of standard protocol.

Updated 43 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 a.m. ET: 19,571,989 — Total deaths: 726,781 — Total recoveries — 11,939,109Map.
  2. U.S.: Total confirmed cases as of 1 a.m. ET: 4,997,929 — Total deaths: 162,423 — Total recoveries: 1,643,118 — Total tests: 61,080,587Map.
  3. Politics: Trump signs 4 executive actions on coronavirus aid — Democrats, and some Republicans, criticize the move
  4. Public health: Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective — 1 in 3 Americans would decline COVID-19 vaccine.
  5. Science: Indoor air is the next coronavirus frontline.
  6. Schools: How back-to-school is playing out in the South as coronavirus rages on — Princeton, Johns Hopkins, Howard to hold fall classes online.
Updated 2 hours ago - Politics & Policy

Republicans and Democrats react to Trump's coronavirus aid action

President Trump speaks to workers at a manufacturing facility in Clyde, Ohio, on Thursday. Photo: Scott Olson/Getty Images

Some Republicans joined Democrats in criticizing President Trump Saturday night for taking executive action on coronavirus aid, with Democratic leaders demanding the GOP return to negotiations after stimulus package talks broke down a day earlier.

Why it matters: Trump could face legal challenges on his ability to act without congressional approval, where the power lies on federal spending. Sen. Ben Sasse (R-Neb.) was the most vocal Republican critic, saying in a statement: "The pen-and-phone theory of executive lawmaking is unconstitutional slop."