Rupert Murdoch's Twenty-First Century Fox Inc said on Friday it would only consider deals that are "disciplined" and increase shareholder value, a move analysts said signalled the media company does not want to overpay for takeover target Time Warner .Fox is expected to use the $7.2 billion proceeds from its partial exit from Europe's pay TV market to fuel its pursuit of Time Warner, which recently rejected Fox's initial $80 billion bid. Some investors expect it to return with a higher offer.Fox announced the sale of its Sky Italian and German pay-TV units to BSkyB in cash and assets on Friday.Murdoch said in a statement about the Sky deal that Fox's "number one priority is increasing shareholder value in a disciplined manner" and "we will only consider transactions that fully support this objective."
Twenty-First Century Fox, Inc., formerly News Corporation, is a diversified global media and entertainment company with operations in cable network programming; television; filmed entertainment; direct broadcast satellite television, and other, corporate and eliminations. Shares of FOXA traded higher by 0.17% or $0.055/share to $32.98. In the past year, the shares have traded as low as $29.42 and as high as $36.43. On average, 13906000 shares of FOXA exchange hands on a given day and today's volume is recorded at 2792826.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 0.64% or $0.54/share to $84.55. In the past year, the shares have traded as low as $57.59 and as high as $88.13. On average, 7465530 shares of TWX exchange hands on a given day and today's volume is recorded at 1085919.
Source
