Skip to comments.Rupert Murdoch Is Rebuffed in Offer for Time Warner
Posted on 07/16/2014 7:30:51 AM PDT by SeekAndFind
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.
The bold approach could put Time Warner in play and might again ignite a reshaping of the media industry, prompting a new spate of mega-mergers among the nations largest entertainment companies.
Mr. Murdoch has built a global media juggernaut over nearly five decades spanning studios, television channels and newspapers, in part, by pursuing bold deals that were often rebuffed at first by the targets of his overtures, only to later acquiesce.
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 companys 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.
The company said that 21st Century Fox had offered 1.531 of its Class A non-voting common shares and $32.42 in cash for every Time Warner share or a total of nearly $86.30, a premium of roughly 22 percent to Time Warners closing price on Tuesday.
Earlier on Wednesday, 21st Century Fox also confirmed that it had made a formal offer to Time Warner last month. The Time Warner board of directors declined to pursue our proposal, the statement said. We are not currently in any discussions with Time Warner.
(Excerpt) Read more at dealbook.nytimes.com ...
Our media is overwhelmingly in the control of a gigantic leftist cabal.
I know, that sounds conspiratorial, but it is what I believe.
The fact that Fox is being held off this takeover, simply reinforces my view.
Time Warner Cable is not part of Time Warner.
I thought Time Warner was merging with Comcast?
Thanks for the clarification. Time Warner spun off Time Warner Cable
All true enough, but this article is about a (new) offer for Time Warner, not the cable company.
Murdoch is being rebuffed, in his takeover bid for Time Warner.
Why is that?
Sounds like the same jabberwocky that was going on when Comcast was trying to take over NBC Universal.
Doubtless because the Time Warner board thinks it’s worth more than Fox is offering. So the game continues...
Per the report on FoxNews this morning, it is the content holdings of Time Warner that is its value. That content value should increase in the Internet age, as in streaming.