21st Century Fox Abandons Pursuit of Time Warner

Daily Herald (Arlington Heights, IL), August 6, 2014 | Go to article overview

21st Century Fox Abandons Pursuit of Time Warner


Byline: Associated Press

21st Century Fox abandons pursuit of Time Warner

NEW YORK -- Rupert Murdoch's 21st Century Fox is abandoning its attempt to take over Time Warner in a proposed deal that would have combined two of the world's biggest media companies.

The about-face announced Tuesday comes three weeks after Time Warner Inc. revealed that it had rejected 21st Century Fox's unsolicited $76 billion buyout offer.

There had been hopes that 21st Century Fox, which owns the 20th Century Fox movie studio, Fox broadcast network, and TV channels Fox News and FX, might raise its original cash-and-stock offer bid of roughly $86 per share to as much as $100 per share to win over Time Warner. Even with 21st Century Fox now out of the picture, Time Warner's shares still remain above where they were before the news of buyout offer came out.

New York-based Time Warner, which owns the Warner Bros. movie studio and TV channels such as TNT, TBS and HBO, didn't immediately respond to requests for comment about 21st Century Fox's decision.

Many analysts had expected Murdoch to continue stalking Time Warner after the initial cold shoulder, reasoning the billionaire viewed a takeover as a prime opportunity to create a movie and television powerhouse that would be in a better bargaining position to sell its video content at a time when video distributors are muscling up too. Comcast Corp., the largest cable and high-speed Internet provider, is trying to win approval to buy rival Time Warner Cable while AT&T Corp. is trying to gobble up satellite TV service DirecTV. …

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