Rupert Murdoch’s Fox withdraws $80 billion bid for Time Warner

“Rupert Murdoch‘s 21st Century Fox said on Tuesday that it was withdrawing its $80 billion takeover offer for Time Warner, after being unable to convince its fellow media giant to begin merger talks,” Michael J. De La Merced reports for The New York Times.

“The withdrawal of the offer, only three weeks after making it public, is a rare deal-making defeat for Mr. Murdoch, especially after pursuing the biggest target of his decades-long career as one of the savviest of media moguls,” De La Merced reports. “In a statement, 21st Century Fox said that it still believed that a union of the two made sense. But Time Warner‘s firm rejection of its outreach and a drop in its own stock price made further pursuit of a bid untenable.”

“Instead, 21st Century Fox said that it would buy back $6 billion of its shares,” De La Merced reports. “In a separate statement, Time Warner reiterated that it believed it could succeed as an independent company.”

Read more in the full article here.

Related article:
Rupert Murdoch pouncing on Time Warner while Apple, Google, other rivals are distracted – July 18, 2014

26 Comments

    1. Yup.

      It would make more sense for a device manufacturer to acquire the company to expand into over-the-air programming on company hardware.

      Not the only one out there, either.

      1. Another neocon hating on liberals.

        Gee, what a surprise.

        Calling Rupert a reptile is generous and forgiving, and that applies regardless of politics or bias.

        1. Formerly of the Green Party and now an INDEPENDENT because I can think for myself.

          I worked for Murdock and if you forget his politics, he gets high ranks for business acumen.

          Your esoteric ‘reptile’ reference is typical of LEFT FIELD. Nothing to say and no meaning … only name calling.

          I do hope you grow up …

          1. From what I see and hear about Mr. Murdoch, he functions primarily from his reptilian brain.

            I believe no one person should have the vast control Murdoch does over the information dispersed through the mass media.

            1. Well, perception and reality are two very different things and very few get the distinction.

              If what you heard emanated from the Left side of the aisle, I can’t imagine anything positive. The flip side of that coin carries its own weight.

              IMHO he is the most credible media mogul, if as you say, power is consolidated in one person. The audience numbers are light years ahead of the pack and all the international success cannot be easily discounted.

              Again, another meaningless ‘reptile’ reference.

              Bring facts my friends on the Left — not juvenile and empty name calling.

          1. Murdoch is no NeoCon?

            Maybe, maybe not.

            But one thing he is not is some brain dead greedy capitalist businessman.

            Quite the opposite, he is very PROGRESSIVE. Ouch, did that hurt anyone on the Left? So sorry … 😉

            Years ago Rupert and Steve Jobs stood on stage TOGETHER and announced the FIRST all-digital news magazine exclusive to the iPad.

            Great experiment that could not sustain circulation numbers to make it profitable. Still, thinking different got Rupert to where he is today. Like it or not and frankly, I don’t care.

  1. Comcast, who suck as bad as Time Warner Cable, want to buy TWC. That sucks.

    Murdoch, who sucks at all things as bad as Time Warner Cable, wanted to buy TWC.

    So where is a REPUTABLE buyer who would IMPROVE TWC into a REPUTABLE company? Why is this rat excrement company ONLY attracting rat excrement buyers? TWC victim customers have nothing to look forward to but MORE customer abuse. That’s not capitalism. That’s not acceptable.

  2. Thank goodness. One of my favorite shows is Real Time with Bill Maher on HBO. You know that would have been one of Murdoch’s first actions is canceling Real Time. I’m sure Mr Maher is breathing a sigh of relief after seeing this. He’s a great foil against the right wing whack-a-doodles.

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