The assets would increase Comcast's international footprint and boost its entertainment portfolio at a time when it's facing pressure in its video business as more consumers cut the cord and turn to internet-delivered video services like Netflix.
"These are highly strategic and complementary businesses, and we are in our minds the right buyer," Comcast's CEO Brian Roberts said on a call with investors.
See also: How Netflix sent the biggest media companies into a frenzy, and why Netflix thinks some are getting it wrong
In a letter to Fox's board and members of the Murdoch family released earlier, Roberts said, "We were disappointed when [Fox] decided to enter into a transaction with The Walt Disney
Company, even though we had offered a meaningfully higher price." He went on to say, "We are pleased to present a new, all-cash proposal that fully addresses the Board's stated concerns with our prior proposal."