Rupert Murdoch's Twenty-First Century Fox decided to pull its $80 billion offer to purchase Time Warner Inc on Tuesday, abandoning plans to create one of the world's largest media conglomerates.The surprise announcement appeared to cut short what many investors had viewed as an inevitable battle of attrition over a deal that would have joined two of Hollywood's biggest studios and TV networks from TNT to Fox News.Murdoch, who is Fox's chairman and CEO, cited Time Warner's management and its board's refusal to come to the table to discuss a takeover as one reason for the stunning turnabout."Our proposal had significant strategic merit and compelling financial rationale and our approach had always been friendly. However, Time Warner management and its board refused to engage with us to explore an offer which was highly compelling," he said in a statement released after the market closed on Tuesday.
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 0.7% or $-0.22/share to $31.30. In the past year, the shares have traded as low as $30.67 and as high as $36.43. On average, 14664500 shares of FOXA exchange hands on a given day and today's volume is recorded at 26353292.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX fell by 0.4% or $-0.34/share to $85.19. In the past year, the shares have traded as low as $57.59 and as high as $88.13. On average, 7384520 shares of TWX exchange hands on a given day and today's volume is recorded at 12049169.
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