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By now it's no secret that 21st Century Fox a multi-billion dollar only on Time Warner created, only to get unceremoniously shot by TW the head honchos. Both companies typically held mother after the New York Times first broke the story, but now things have come to a head: Fox has admitted defeat and officially withdrew its $ 80 billion to offer. Had the deal gone through, the resulting content titan would have had with huge power over the media world--it should be in control of HBO, Turner's TV channels (minus CNN, which would have is spun out), Fox's broadcast network, Fox News, and two big names movie studios. Rupert Murdoch clearly saw the benefits of a mash-up, so why back off now?
To hear him tell the story, Time Warner combined with a sinking stock price just stocking the deal impossible. The decision may not seem like a surprise--after all, Fox said in a statement that it is no longer in talks with Time Warner was once word of the talks went public--but some still expected Rupert Murdoch to push even harder for a merger during today's earnings conference call. Say what you will about the guy: he can drive a pretty hard bargain when it comes to things he wants to and Reuters said earlier this week Fox was supposedly gearing up to offer a modest inflated amount. Even now, some suspect that withdrawal of the offer is just another Murdoch trick, but an anonymous source told USA Today that this is the real thing. We'll just see about that.
0 commentsSource: Bloomberg
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