Murdoch scraps $80bn bid to take over Time Warner
August 6 , 2014
Rupert Murdoch has withdrawn 21st Century Fox’s $80bn bid to take over Time Warner.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.