The New York Times broke the news...
The following is an excerpt from Rupert Murdoch Is Rebuffed in Offer for Time Warner
The media giant 21st Century Fox, the empire run by Rupert Murdoch, made an $80 billion takeover bid in recent weeks for Time Warner Inc. but was rebuffed...
Time Warner on Wednesday confirmed that it had rejected a cash and stock offer from 21st Century Fox, saying that it was not in the company’s best interests. The Time Warner statement pointed to its own strategic plan, what it said was “uncertainty” over the value of 21st Century Fox stock and regulatory risks as among the reasons for its rebuff.
TIME has further details on what could have occurred...
The following is an excerpt from Rupert Murdoch Made $80 Billion Offer for Time Warner
Fox made a statement Wednesday after the Times reported the proposal: “21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies. The Time Warner Board of Directors declined to pursue our proposal. We are not currently in any discussions with Time Warner.”
Time Warner said early Wednesday that there were considerable “strategic, operational, and regulatory risks” to being acquired by Twenty-First Century Fox, adding that rejecting the proposal was in the best interests of its shareholders.
The deal would have effectively put Murdoch at the head of a portfolio of major household media brands, including TNT, TBS, HBO, Warner Brothers, Fox News and others, as well as assets controlled through his company News Corp., like the Wall Street Journal and HarperCollins.
CNN, a subsidiary of Time Warner, would reportedly have been spun off as part of a deal because of possible antitrust concerns, as it competes with Murdoch’s Fox News.