(Reuters) - Twenty First Century Fox Inc's shares rose 8 percent on Wednesday as an approval for AT&T's buyout of Time Warner Inc spurred speculation that Comcast Corp would proceed with an offer for most of the media company's assets.
Comcast's proposal, widely expected later in the day, will upend Fox's $52 billion all-stock deal to be bought by Walt Disney.
AT&T's stock, however, was down nearly 4 percent, with at least one analyst raising concerns about the debt the company would absorb as part of the deal.
"Time Warner will be a positive for AT&T's income statement, at least initially. But it will be a negative for the balance sheet," said research firm Moffett Nathanson's Craig Moffett, who downgraded the stock to "sell".
"The new AT&T will carry an astounding $249 billion of debt."
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