Murdoch Confirms A Spurned Bid For Time Warner
Rupert Murdoch's 21st Century Fox says it sought to buy Time Warner last month, confirming reports of a deal that would have reshaped America's media landscape. The offered price, which Time Warner rejected, was reportedly $80 billion.
The deal would have put HBO, CNN and other Time Warner properties under the same corporate umbrella as Fox News, a situation that The New York Times said would have forced the sale of CNN.
The newspaper also says discussion of a deal might not be over:
"While the talks between the two companies have thus far been considered friendly, people involved in the discussions said that Mr. Murdoch is determined to buy Time Warner and is unlikely to walk away."
After reports emerged about the failed bid, Murdoch's company issued a statement:
"21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies. The Time Warner Board of Directors declined to pursue our proposal. We are not currently in any discussions with Time Warner."
News of 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.