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Comcast will formalize its all-cash offer to acquire most of Twenty-First Century Fox on Wednesday if U.S. District Court Judge Richard Leon approves AT&T’s deal for Time Warner on Tuesday, according to people familiar with matter.

Comcast, which owns CNBC parent company NBCUniversal, has already publicly acknowledged its plans to compete with Disney on an acquisition of Fox assets, including Fox’s movie studio, the Nat Geo and FX networks, regional sports channels, and stakes in Hulu, Star India and Sky PLC. CNBC reported last month that Comcast was preparing to raise $60 billion in a deal for Fox while simultaneously pursuing a $31 billion offer for the 61 percent of Sky that Fox doesn’t already own.

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