Fox Withdraws Time Warner Bid

[dfergie]

The surprise announcement sent Fox shares +8% in after-market trading and Time Warner -11.9%. Fox CEO Rupert Murdoch says that his $80B offer — which the owner of Warner Bros, HBO, and Turner Broadcasting rejected — “had always been friendly.” But the company “refused to engage with us.” He says he also was swayed by the drop in Fox’s stock price as investors feared that Murdoch might overpay to become the dominant producer of movies and TV shows, with sports rights that could rival ESPN’s. To prove them wrong, he has committed to add $6B to his share-repurchase plan for the next year.

deadline.com

 

[dfergie]

Time Warner's stock dropped sharply in after-hours trading Tuesday after Rupert Murdoch's 21st Century Fox withdrew its takeover bid.

The stock was down more than 11 percent as of 4:35 p.m. ET at $75.10. Analysts have said that the stock has found a new "floor" price after the $85 per share offer that Fox recently made, which Time Warner had rejected. It had recently set an all-time high of $88.13.

hollywoodreporter.com

 

[mike123abc]

Time Warner of course is not the same company as Time Warner Cable. TWC was spun off and licenses the name.

 

[DJdish]

I can breath now.
My biggest concern were those comments I read, mentioning the possible merger and that Fox would keep Fox News, putting CNN for sale to the best bidder, and then Al Jazeera America grabbing it to gain a foothold to much more households than those it has now when they bought Current TV.

 

[osu1991]

Time Warner owns the cable networks. Time Warner Cable TWC is a cable tv provider only now.

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[osu1991]

I can breath now.
My biggest concern were those comments I read, mentioning the possible merger and that Fox would keep Fox News, putting CNN for sale to the best bidder, and then Al Jazeera America grabbing it to gain a foothold to much more households than those it has now when they bought Current TV.

Those are possiblities

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[DJdish]

Those are possiblities

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That possibility gives me the creeps.

 

[CK SatGuy]

Good for us that those 2 won't merge now. We don't need anymore mergers in this industry.