Fox Drops Bid to Grab Time Warner
Rupert Murdoch is moving on
By Newser Editors and Wire Services
Posted Aug 5, 2014 4:01 PM CDT
Rupert Murdoch has dropped his plan to go after Time Warner.   (AP Photo/Jason Reed, Pool)

(Newser) – A deal that would have combined two of the world's biggest media companies is no more—21st Century Fox is abandoning its attempt to take over Time Warner. The about-face announced today comes three weeks after Time Warner revealed that it had rejected 21st Century Fox's unsolicited $76 billion buyout offer. Besides that rebuff, 21st Century Fox CEO Rupert Murdoch cited a decline in his New York company's stock price as one of the reasons for ending the pursuit of Time Warner.

"The reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders," said Murdoch in a statement picked up by the Wall Street Journal. Instead, 21st Century Fox's board approved a plan to spend $6 billion buying back the company's stock during the next year. After the news, Fox shares rose 8% and Time Warner's fell 11%, reports MarketWatch.

Copyright 2016 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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Showing 3 of 45 comments
freddiefedora
Aug 7, 2014 3:40 AM CDT
Fox "News" is nothing but the mouthpiece for the extremist right wing, which includes religious fundamentalists. The don't report news, but spew the extreme right's point of view. Are they racist? Yes. And they have no allegiance to the American middle class.
JERZJOE
Aug 5, 2014 10:30 PM CDT
That guy is one smart cookie. . A "smart cookie" is someone who is clever and good at dealing with difficult situations. There ya go!
Will_McAvoy
Aug 5, 2014 8:48 PM CDT
It was about 100 years ago that our government protected us from monopolies. They no longer do because the American people no longer hold their elected official responsible. We've become a nation of our team against them while not seeing that both teams leaders are aligned to their interest and not those of the people. America will continue its decline, corporations will continue to fund the reelection of the parties and the people will continue to lose rights and power. It will continue until people quit this self destructive insanity that is political partisanship. We have become a plutocracy and money controls all. Our future is bleak. Part of the answer is to remove money from the election process and part of the answer is term limits. Those two things can happen in one of two ways. Either those in power and wealth (congress) have to choose to give up their power and wealth or the people* have to call for a constitutional convention. Partisanship ensures it will never happen. * -two thirds of the state legislatures