Saturday, March 28, 2015
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

21st Century Fox abandons pursuit of Time Warner

By
From page B9 | August 06, 2014 |

NEW YORK =— Rupert Murdoch’s 21st Century Fox is abandoning its attempt to take over Time Warner in a proposed deal that would have combined two of the world’s biggest media companies.

The about-face announced Tuesday comes three weeks after Time Warner Inc. revealed that it had rejected 21st Century Fox’s unsolicited $76 billion buyout offer.

There had been hopes that 21st Century Fox, which owns the 20th Century Fox movie studio, Fox broadcast network, and TV channels Fox News and FX, might raise its original cash-and-stock offer bid of roughly $86 per share to as much as $100 per share to win over Time Warner. Even with 21st Century Fox now out of the picture, Time Warner’s shares still remain above where they were before the news of buyout offer came out.

New York-based Time Warner, which owns the Warner Bros. movie studio and TV channels such as TNT, TBS and HBO, didn’t immediately respond to requests for comment about 21st Century Fox’s decision.

Many analysts had expected Murdoch to continue stalking Time Warner after the initial cold shoulder, reasoning the billionaire viewed a takeover as a prime opportunity to create a movie and television powerhouse that would be in a better bargaining position to sell its video content at a time when video distributors are muscling up too. Comcast Corp., the largest cable and high-speed Internet provider, is trying to win approval to buy rival Time Warner Cable while AT&T Corp. is trying to gobble up satellite TV service DirecTV.

As in the case with those proposed deals, 21st Century Fox would have had to navigate potentially daunting antitrust hurdles to buy Time Warner. Cultural clashes also loomed had the two companies combined, a factor that turned Time Warner’s merger with AOL Inc. in 2001 into a monumental flop. Time Warner and AOL eventually split, but not before costing their shareholders tens of billions of dollars.

With the proposed Time Warner deal off the table, 21st Century Fox’s board approved a plan to spend $6 billion on buying back stock.

Murdoch cited a decline in the New York company’s stock price since the takeover bid was announced as one of the reasons for the change of heart. Fox’s shares have dropped 11 percent. They rose $2.50, or 8 percent, to $33.80 in after-hours trading Tuesday.

Meanwhile, investors betting that Murdoch was going to sweeten his offer bailed out of Time Warner. Its stock fell $8.19, or 9.6 percent, to $85.19 in extended trading.

This isn’t the first time that Murdoch has walked away from a deal that he once seemed to prize. In 2008, he gave up on buying DirecTV in 2008 through another company, News Corp., after Liberty Media Corp. chairman John Malone outmaneuvered him. He also withdrew a bid to boost News Corp.’s stake in British Sky Broadcasting Group PLC in 2011 amid outrage over a phone hacking scandal at News Corp.’s British newspapers.

Murdoch’s News Corp. split into two companies last year: The newspaper and publishing portion, still called News Corp., and the film-and-TV unit, 21st Century Fox Inc.

 

The Associated Press

The Associated Press

LEAVE A COMMENT

Discussion | No comments

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Read our full policy

.

Solano News

Sheepdogs, handlers flock to Rio Vista for trials

By Susan Winlow | From Page: A1, 1 Comment | Gallery

 
Fraisure Smith hearing delayed twice Friday

By Ryan McCarthy | From Page: A1, 14 Comments | Gallery

Luncheon honors women for their work to help others

By Susan Hiland | From Page: A1, 1 Comment | Gallery

 
 
Solano Rotary clubs honor top firefighters from across county

By Bill Hicks | From Page: A3 | Gallery

 
Eatery to host event to support child with cancer

By Glen Faison | From Page: A3

Project begins to brighten downtown Fairfield

By Susan Hiland | From Page: A3, 19 Comments | Gallery

 
Fairfield police log: March 26, 2016

By Susan Hiland | From Page: A9, 1 Comment

Suisun police log: March 26, 2015

By Susan Hiland | From Page: A9

 
Going home to mother

By Murray Bass | From Page: B10, 2 Comments

 
.

US / World

 
Jury says Silicon Valley firm did not discriminate

By The Associated Press | From Page: A3

 
Public defender: San Francisco jail inmates forced to fight

By The Associated Press | From Page: A4

 
Gov. Brown signs $1 billion water plan for dry California

By The Associated Press | From Page: A4 | Gallery

 
NY mayor: Someone may have ‘inappropriately’ tapped gas line

By The Associated Press | From Page: A5 | Gallery

Feds: Baltimore jail illegally keeping juveniles in solitary

By The Associated Press | From Page: A5

 
Autopsies determine children found in freezer were slain

By The Associated Press | From Page: A5

Fetus debate looms following charges in womb-cutting case

By The Associated Press | From Page: A5

 
 
Nelson set to return to role as Coach

By The Associated Press | From Page: A7

 
‘Sopranos’ star’s apartment destroyed by blast

By The Associated Press | From Page: A7

Pilot who scared passengers sues airline

By The Associated Press | From Page: B7

 
‘Mad Men’ costumes, props head to Smithsonian

By The Associated Press | From Page: A7

US economy showing signs of durability

By The Associated Press | From Page: B7, 1 Comment

 
Mexico City businesses cite losses during Bond filming

By The Associated Press | From Page: A7

 
German airline could face ‘unlimited’ damages for Alps crash

By The Associated Press | From Page: A10

Co-pilot appeared healthy, but may have hidden illness

By The Associated Press | From Page: A10

 
About 4,000 fishermen stranded on Indonesian islands

By The Associated Press | From Page: A10, 1 Comment

Warships move in key strait as airstrikes widen in Yemen

By The Associated Press | From Page: A11 | Gallery

 
Iran says nuke talks focused despite Yemen crisis

By The Associated Press | From Page: A11

At least 9 dead as militants attack hotel in Somali capital

By The Associated Press | From Page: A12

 
Amanda Knox murder conviction overturned by Italy high court

By The Associated Press | From Page: A12

.

Living

Books as decor: Versatile but meaningful design elements

By The Associated Press | From Page: HSR1Comments are off for this post | Gallery

 
Today in History: March 28, 2015

By The Associated Press | From Page: A2

Community Calendar: March 28, 2015

By Susan Hiland | From Page: A2

 
Horoscopes: March 28, 2015

By Holiday Mathis | From Page: B6

My elderly mother is so stingy I’m finding excuses not to visit her

By Kathy Mitchell and Marcy Sugar | From Page: B6

 
The newest fitness trend: Mixing it up

By The Associated Press | From Page: B10

.

Entertainment

‘Teen Mom’ star charged in picture posting case

By The Associated Press | From Page: A7

 
People: Zane Malik

By The Associated Press | From Page: A7

Larry David Broadway role handed to Jason Alexander

By The Associated Press | From Page: A7

 
‘Stomp’ stopped by NYC blast

By The Associated Press | From Page: A7

Mannequin museum show hits New York

By The Associated Press | From Page: A7

 
TVGrid

By Daily Republic Syndicated Content | From Page: B7

.

Sports

Notre Dame beats Stanford women 81-60, advances to Elite Eight

By The Associated Press | From Page: B1

 
Curry, Thompson lead Warriors in rout over Grizzlies

By The Associated Press | From Page: B1 | Gallery

 
Evans helps desperate Pelicans end skid vs. Kings, 102-88

By The Associated Press | From Page: B1

Ranuado goes 6 for Rangers’ but A’s rally for 7-6 win

By The Associated Press | From Page: B1

 
NASCAR topic: Cheating with tire pressure, or just hot air?

By The Associated Press | From Page: B2

Hot Rod Hundley, former NBA player and Jazz announcer, dies

By The Associated Press | From Page: B2

 
Area resident Jimmy Walker takes lead in Texas Open

By The Associated Press | From Page: B2

Logano wins Martinsville pole; Elliott to start 27th

By The Associated Press | From Page: B2

 
A-Rod’s cousin pleads guilty in Florida steroids case

By The Associated Press | From Page: B2

Durant to have another surgery, miss rest of season

By The Associated Press | From Page: B2

 
Chicago rooftop owner charged with trying to defraud Cubs

By The Associated Press | From Page: B2

 
Gift returns: Sterling wife wants house, $1 million

By The Associated Press | From Page: B2

Shaq acknowledges regret about decision to leave Magic

By The Associated Press | From Page: B2

 
This date in sports history for March 28, 2015

By The Associated Press | From Page: B3

 
.

Business

.

Obituaries

.

Comics

Blondie

By Daily Republic Syndicated Content | From Page: B5

 
Garfield

By Daily Republic Syndicated Content | From Page: B5

B.C.

By Daily Republic Syndicated Content | From Page: B5

 
Frank and Ernest

By Daily Republic Syndicated Content | From Page: B5

Wizard of Id

By Daily Republic Syndicated Content | From Page: B5

 
Sally Forth

By Daily Republic Syndicated Content | From Page: B5

Zits

By Daily Republic Syndicated Content | From Page: B5

 
Rose is Rose

By Daily Republic Syndicated Content | From Page: B5

Get Fuzzy

By Daily Republic Syndicated Content | From Page: B5

 
Baldo

By Daily Republic Syndicated Content | From Page: B5

Baby Blues

By Daily Republic Syndicated Content | From Page: B5

 
Dilbert

By Daily Republic Syndicated Content | From Page: B5

Pickles

By Daily Republic Syndicated Content | From Page: B5

 
For Better or Worse

By Daily Republic Syndicated Content | From Page: B5

Beetle Bailey

By Daily Republic Syndicated Content | From Page: B5

 
Word Sleuth

By Daily Republic Syndicated Content | From Page: B6

Bridge

By Daily Republic Syndicated Content | From Page: B6

 
Cryptoquote

By Daily Republic Syndicated Content | From Page: B6

Sudoku

By Daily Republic Syndicated Content | From Page: B6

 
Crossword

By Daily Republic Syndicated Content | From Page: B6

.

Home Seller 3/28/2015

Books as decor: Versatile but meaningful design elements

By The Associated Press | From Page: HSR1Comments are off for this post | Gallery

Real estate transactions for March 28, 2015

By Daily Republic | From Page: HSR2