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21st Century Fox drops bid to buy Time Warner

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.