AAPL Stock: 118.03 ( -0.85 )

Printed from

Murdoch tenders offer to buy Time Warner, proposal rejected

updated 09:27 am EDT, Wed July 16, 2014

Move would consolidate Time Warner, 21st Century Fox

Rupert Murdoch and 21st Century Fox have made a bid to buy Time Warner. The deal, said to be worth up to $80 billion, was rejected, but Murdoch is reportedly "determined" to complete the deal -- which would make the combined company a content powerhouse bringing Fox, Fox News, FX, TNT, TBS, HBO, Warner Brothers, and many other studios under one roof.

The discussions were reportedly private between Time Warner CEO Jeff Bewkes and Murdoch. An offer for $85 per share, plus cash was allegedly made. The deal is offering a premium of $14 per share at today's share price, which is likely to climb today.

Importantly, the deal does not include the seperate Time Warner Cable entity, which has existed as a separate company since 2009 and is embroiled in merger regulatory approval with Comcast. Time Warner itself does hold some stake in Internet sales to consumers, oscillating between fifth and seventh over the last few years with the largest US provider of broadband.

Regulatory issues surrounding the deal may be difficult to deal with. Murdoch has reportedly offered to sell news outlet CNN, as it would also own Fox News after any deal.

"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," 21st Century Fox said in a statement when asked about the reports of the tendered deal.

by MacNN Staff



Login Here

Not a member of the MacNN forums? Register now for free.


Network Headlines

Follow us on Facebook


Most Popular


Recent Reviews

Ultimate Ears Megaboom Bluetooth Speaker

Ultimate Ears (now owned by Logitech) has found great success in the marketplace with its "Boom" series of Bluetooth speakers, a mod ...

Kinivo URBN Premium Bluetooth Headphones

We love music, and we're willing to bet that you do, too. If you're like us, you probably spend a good portion of your time wearing ...

Jamstik+ MIDI Controller

For a long time the MIDI world has been dominated by keyboard-inspired controllers. Times are changing however, and we are slowly star ...


Most Commented