Time Warner rejects $80 billion bid from Fox

World Today

It was a deal that would have shaken up the world’s media landscape. Rupert Murdoch’s 21st Century Fox offered $80 billion to take over Time Warner. In the end, the bid was rejected. CCTV’s Frances Kuo reports on what the deal would’ve meant for the industry.

Time Warner rejects $80 billion bid from Fox

Rupert Murdoch's 21st Century Fox offered $80 billion to take over Time Warner, but the bid was rejected. CCTV's Frances Kuo reports.

As far as blockbuster takeovers go, this is about as big as they come. Rupert Murdoch, media moghul trying to buy rival Time Warner. The bid was a big one – $80 billion in cash and stock and the answer after lengthy discussions was blunt-No.

Analysts say, mega merger is still not dead. In fact, seven years ago, Murdoch’s 21st century Fox was rebuffed by the Wall Street Journal. A few months later, the paper had a new Australian owner.

The combined company would have been a marriage of two media behemoths and their properties spanning global movies, broadcast and even the way people around the world get news. Time Warner’s entities include TV cable outlets CNN and HBO and Murdoch’s movie companies as well as Fox TV network and Fox news. In its rejection, Time Warner said it believed it would be better off on its own and expressed concern about regulatory risks.

Time Warner has already been approached by Comcast for a merger, an acquisition that is still in progress. The company’s entities include CNN and HBO. Analysts believe, even with the failed bid, the move still could ignite a reshaping of the media industry as long as Time Warner is in play.