The media giant 21st Century Fox, the empire run by Rupert Murdoch, made an $80 billion takeover bid in recent weeks forTime Warner Inc. but was rebuffed, people briefed on the matter said on Wednesday.
The bold approach could put Time Warner in play and might again ignite a reshaping of the media industry, prompting a new spate of mega-mergers among the nation’s largest entertainment companies.
Mr. Murdoch has built a global media juggernaut over nearly five decades spanning studios, television channels and newspapers, in part, by pursuing bold deals that were often rebuffed at first by the targets of his overtures, only to later acquiesce.
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 channelHBO, 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.
Mr. Murdoch’s approach comes after Time Warner’s spinoff of its legacy print publications, a move that some analysts have said could spur the interest of potential bidders. Beyond 21st Century Fox, however, it is not clear who would have both the interest and the financial firepower to pursue a deal, though rumors briefly arose that Google was interested in some sort of partnership.
Mr. Bewkes was asked last week by Variety magazine about speculation that 21st Century Fox or Google might seek a deal. He replied: “I know nothing about it.”
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Pledge your allegiance now and you will be fed.
The bold approach could put Time Warner in play and might again ignite a reshaping of the media industry, prompting a new spate of mega-mergers among the nation’s largest entertainment companies.
Mr. Murdoch has built a global media juggernaut over nearly five decades spanning studios, television channels and newspapers, in part, by pursuing bold deals that were often rebuffed at first by the targets of his overtures, only to later acquiesce.
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 channelHBO, 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.
Mr. Murdoch’s approach comes after Time Warner’s spinoff of its legacy print publications, a move that some analysts have said could spur the interest of potential bidders. Beyond 21st Century Fox, however, it is not clear who would have both the interest and the financial firepower to pursue a deal, though rumors briefly arose that Google was interested in some sort of partnership.
Mr. Bewkes was asked last week by Variety magazine about speculation that 21st Century Fox or Google might seek a deal. He replied: “I know nothing about it.”
http://mobile.nytimes.com/blogs/dea...r-for-time-warner/?_php=true&_type=blogs&_r=0
Pledge your allegiance now and you will be fed.
Thank God!!!! That means 21st Century FOX would've owned Warner Bros., HBO, DC Comics, TNT/TBS/CNN/CN, & etc. I don't need that in my life.
