NPR : News

Filed Under:

Murdoch Withdraws Bid To Buy Time Warner

Nearly three weeks after reports surfaced that Twenty-First Century Fox had made a spurned offer to purchase fellow media giant Time Warner, Chairman and CEO Rupert Murdoch confirms that the deal is off. The rejected price had been reported as $80 billion.

Instead of buying Time Warner, Twenty-First Century Fox says it will buy back shares of its own stock, embarking on a plan to repurchase $6 billion worth of the shares over the next 12 months.

As we reported back in July, "the attempted takeover sent shares of Time Warner more than 15 percent higher in premarket trading Wednesday, to $71. The Fox bid would have priced the shares at $85."

Since the news of the takeover attempt came out, Fox's share price has fallen by around 11 percent, Bloomberg News reports.

Commenting on the deal today, Murdoch released a statement that read in part:

"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."

He said, "21st Century Fox's future has never been brighter."

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

NPR

For Penn & Teller's Magical Partnership, The Trick Is Telling The Truth

The duo Penn Jillette and Raymond Teller are back on Broadway. They both talk — yes, even Teller — with NPR's Scott Simon about magic, danger and the remarkable endurance of their 40-year partnership.
NPR

At The Purple Pie Place, Where The Crusts Are Just Sweet Enough

Bobkat's Purple Pie Place is a fixture in Custer, S.D. From chicken pot pie to strawberry rhubarb, Trevor Yehlie and his family have been baking and serving pies at the local favorite since 2009.
NPR

Empire Strikes PAC And Other Punny SuperPAC Names

My Cat Xavier For a Better Tomorrow, Tomorrow superPAC backed Hank the Cat in the 2012 Virginia Senate election. Xavier also cared about naps, treats, and prison reform.
NPR

Despite Host Controversy, Amazon Takes A Chance On 'Top Gear'

The trio that made Top Gear the world's biggest car show will return to the small screen in a new show for Amazon Prime. The BBC canned one of its hosts last year after a fight with a producer.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.