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Murdoch scraps $80bn bid to take over Time Warner

  • Rupert Murdoch has withdrawn 21st Century Fox’s $80bn bid to take over Time Warner.

    Fox said that Warner “refused to engage with us”.

    “We viewed a combination with Time Warner as a unique opportunity to bring together two great companies, each with celebrated content and brands,” media mogul and Fox owner Murdoch said in a statement.

    Jeff Bewkes, the chief executive of Time Warner, had earlier said that the bid undervalued the firm.

     

    Tagged as: Rupert Murdoch, 21st Century Fox, bid, takeover, Time Warner, Jeff Bewkes, business news