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Rupert Murdoch withdraws bid to purchase Time Warner --
Wed, 06 Aug 2014 12:26
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After much speculation media tycoon and CEO of Twenty-First Century Fox Rupert Murdoch has withdrawn an $80 billion offer to acquire US media corporation Time Warner and will buy back $6 billion of its stock in the company.
Murdoch commented, We viewed a combination with Time Warner as a unique opportunity to bring together two great companies, each with celebrated content and brands. Our proposal had significant strategic merit and compelling financial rationale and our approach had always been friendly. However, Time Warner management and its Board refused to engage with us to explore an offer which was highly compelling. Additionally, the reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders. These factors, coupled with our commitment to be both disciplined in our approach to the combination and focused on delivering value for the Fox shareholders, has led us to withdraw our offer.
Murdoch added that the $6 million buy back aligned with the company s ongoing commitment to sensibly allocate capital and return value to shareholders in a meaningful way.
Twenty-First Century Fox owns the 20th Century Fox movie studio, Fox broadcast network, as well as cable-TV channels Fox News and FX, while Time Warner holds a number of valuable subsidiaries such as HBO, Warner Bros., Cartoon Network and CNN. Some consumers and players in the global media industry are of the opinion that should the acquisition have been approved, Murdoch would have held too heavy an influence on the market.
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