The insatiable Rupert Murdoch
July 16, 2014 7:41 AM Subscribe
Twenty-First Century Fox Inc. is willing to pay more than $85 a share for Time Warner Inc.,
posted by GrammarMoses (70 comments total)
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reports Bloomberg News, which deems it "a sign Rupert Murdoch is undeterred after being rebuffed in an initial offer... To appease antitrust regulators, the companies would sell CNN...since Fox already has Fox News." Murdoch's rationale: "A Fox-Time Warner deal should be allowed to go through given consolidation in the cable industry, including the proposed deal to combine Comcast and Time Warner Cable."The first approach
was in early June of this year. The $85/share offer represented "a roughly 25 percent premium to Time Warner's stock price... While the talks between Fox and Time Warner have thus far been considered friendly, people involved in the discussions said that Mr. Murdoch is determined to buy Time Warner and is unlikely to walk away."
: "Together, 21st Century Fox and Time Warner would become a colossus with an array of television networks and channels like Fox, Fox News, FX, TNT and TBS; the premium subscription channel HBO, movie studios like 20th Century Fox, Warner Bros. and other prominent outlets. It would also combine Fox’s growing sports business with the broadcast rights that Time Warner owns for professional and college basketball and Major League Baseball, among other sports. The combined company would have total revenue of $65 billion."
It's certainly not the first time
Murdoch has tried to duck antitrust regulation. He previously received FCC waivers in 1995
. Later, in 2007, "News Corporation paid $5.6 billion for Dow Jones & Company, publisher of The Wall Street Journal. That deal was not subject to F.C.C. cross-ownership rules because The Journal is considered a national newspaper."