- This just in August 5
Rupert Murdoch will not be adding Time Warner to his media empire after all, as 21st Century Fox announced Tuesday it was withdrawing its bid to acquire the rival company. In a statement, Murdoch, Fox's CEO, said concerns about the impact a festering deal would have on the company's stock price, combined with Time Warner's disinterest in striking a deal, convinced him to yank the offer.
"Our proposal had significant strategic merit and compelling financial rationale and our approach had always been friendly," he said. "However, Time Warner management and its Board refused to engage with us to explore an offer which was highly compelling."
Time Warner last month rejected an $80 billion bid it considered an attempt at a hostile takeover. Yet the rejection was seen by some as simply the prelude to continued negotiations and, ultimately a deal. Had such a deal gone through, it would have joined the two largest cable providers in the country.- -
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- How academia's liberal bias is killing social science
- Diagnosing the Home Alone burglars' injuries: A professional weighs in
- 43 TV shows to watch in 2014
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- How Wall Street is chipping away at reform
- Why Pakistan won't hunt down the terrorists within its borders
- 10 things you need to know today: December 21, 2014
- Why torture doesn't work: A definitive guide
- How I lost all my money
- How the Simpsons/Family Guy crossover revealed the worst of both shows
Subscribe to the Week