To clinch a deal to purchase Time Warner Inc, Rupert Murdoch's Twenty-First Century Fox Inc will not only need to raise the value of its bid above $80 billion but also boost its ratio of cash to stock, investors said on Wednesday.Time Warner said it rejected Murdoch's unsolicited offer, of which 60 percent would be Twenty-First Century Fox stock and 40 percent cash, a far-reaching proposal that would reshape the media landscape.A number of Time Warner shareholders said Fox and Murdoch, its Chairman and Chief Executive, may have to raise the bid to as much as $95 a share and boost its cash component to wrap up a merger. Murdoch offered about $85 a share when the bid was made in June."Rupert has got to figure out a way to get more cash in the deal," said Mario Gabelli, Chairman and CEO of Gamco Investors .
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 fell by 6.22% or $-2.19/share to $33.00. In the past year, the shares have traded as low as $29.42 and as high as $36.43. On average, 12606800 shares of FOXA exchange hands on a given day and today's volume is recorded at 89285112.
GAMCO Investors, Inc. (GBL) is a provider of investment advisory services to mutual funds, institutional and private wealth management investors, and investment partnerships, principally in the United States. Shares of GBL traded higher by 0.83% or $0.69/share to $84.09. In the past year, the shares have traded as low as $53.35 and as high as $90.20. On average, 15697 shares of GBL exchange hands on a given day and today's volume is recorded at 12069.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 17.07% or $12.12/share to $83.13. In the past year, the shares have traded as low as $57.59 and as high as $84.40. On average, 6645720 shares of TWX exchange hands on a given day and today's volume is recorded at 69748712.
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