Monday, January 26, 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

Gunfire exchange on Orange Drive sends 1 to hospital

By Amy Maginnis-Honey | From Page: A1

 
Teen finds entrepreneurial path at young age

By Susan Winlow | From Page: A1 | Gallery

Time for Relay for Life kickoff event

By Tony Wade | From Page: A2

 
Wedding Faire offers one-stop browsing for couples

By Amy Maginnis-Honey | From Page: A3 | Gallery

Fairfield schedules workshop on downtown plan

By Susan Hiland | From Page: A3

 
Local government agencies post meeting times

By Susan Hiland | From Page: A3

Crab feed tradition continues this week

By Susan Hiland | From Page: A3

 
Hispanic chamber to host immigration workshop

By Susan Hiland | From Page: A3

 
Suisun Senior Center offers monthly dance

By Susan Hiland | From Page: A3

 
.

US / World

Millions of GMO insects could be released in Florida Keys

By The Associated Press | From Page: A1

 
Fight over taxes looms between Democrats, Gov. Jerry Brown

By The Associated Press | From Page: A1

US gas prices fell 13 cents per gallon, but expected to rise

By The Associated Press | From Page: A4

 
Boy shot by Los Angeles deputies treated for graze wound

By The Associated Press | From Page: A4

Santa Ana winds knock out power to thousands in California

By The Associated Press | From Page: A4

 
2 Marines identified in deadly California helicopter crash

By The Associated Press | From Page: A4

Ukraine: Phone calls prove rebels attacked city, killed 30

By The Associated Press | From Page: A5

 
Obama: Counterterrorism operations in Yemen not affected

By The Associated Press | From Page: A5

Boko Haram attacks northeastern Nigerian city, scores killed

By The Associated Press | From Page: A5

 
Navy wants to increase use of sonar-emitting buoys

By The Associated Press | From Page: A5

Balloon crew launches in bid to break 2 major records

By The Associated Press | From Page: A5

 
Obama to seek wilderness designation for Alaska refuge

By The Associated Press | From Page: A5

‘Potentially historic’ storm headed for Northeast

By The Associated Press | From Page: A5

 
Greek radical left wins election, threatening market turmoil

By The Associated Press | From Page: A5

Zambia: Edgar Lungu sworn in as new president

By The Associated Press | From Page: A5

 
Zoo offers creepy way for lovelorn to get even with exes

By The Associated Press | From Page: A9

 
.

Opinion

 
Editorial Cartoon: Jan. 26, 2015

By Daily Republic Syndicated Content | From Page: A8

Do elected officials get it?

By Letter to the Editor | From Page: A8

 
A return to near normal in American politics?

By Jack Batson | From Page: A8

Democracy or republic?

By Earl Heal | From Page: A8

 
.

Living

Community Calendar: Jan. 26, 2015

By Susan Hiland | From Page: A2

 
Today in History: Jan. 26, 2015

By The Associated Press | From Page: A2

Randall: Blind brother has always seen what mattered

By Sharon Randall | From Page: B5

 
Horoscope Jan. 27, 2015

By Holiday Mathis | From Page: B5

My sister is jobless and homeless and I’m not sure how to help

By Kathy Mitchell and Marcy Sugar | From Page: A7

 
Horoscope Jan. 26, 2015

By Holiday Mathis | From Page: A7

.

Entertainment

TVGrid Jan 26

By Daily Republic Syndicated Content | From Page: B6

 
TVGrid Jan 27

By Daily Republic Syndicated Content | From Page: B7

 
Miss Colombia crowned Miss Universe in Miami

By The Associated Press | From Page: B7

Complete list of winners at 21st annual SAG Awards

By The Associated Press | From Page: B7

 
‘Birdman’ tops SAG Awards, Redmayne upsets Keaton

By The Associated Press | From Page: B7

.

Sports

Curry leads Warriors to 19th straight home win

By The Associated Press | From Page: B1

 
Watt gets 2 turnovers, dances in friendly Pro Bowl

By The Associated Press | From Page: B1

Serena Williams to meet Cibulkova in Aussie Open quarters

By The Associated Press | From Page: B1

 
The Week Ahead: Plenty of action close to home

By Paul Farmer | From Page: B1

Tavares scores 4, Team Toews outscores Team Foligno, 17-12

By The Associated Press | From Page: B1

 
Jeff Gordon to be Fox guest analyst during XFINITY season

By The Associated Press | From Page: B2

Quinn has led Seattle to record-setting defense

By The Associated Press | From Page: B2

 
Chip Ganassi Racing’s ‘star car’ wins Rolex 24 at Daytona

By The Associated Press | From Page: B2

Family attorney: Cubs great Ernie Banks died of heart attack

By The Associated Press | From Page: B2

 
Coach K gets 1,000th win as No. 5 Duke tops St. John’s 77-68

By The Associated Press | From Page: B2

Bill Haas pulls away to win Humana Challenge

By The Associated Press | From Page: B2

 
AP Interview: Selig says MLB could expand internationally

By The Associated Press | From Page: B2

Patriots’ Browner gets a 2nd chance at a Super Bowl ring

By The Associated Press | From Page: B2

 
AP Source: Browns WR Josh Gordon fails another drug test

By The Associated Press | From Page: B2

 
Sherman doubts any punishment ahead for Patriots

By The Associated Press | From Page: B2

AP Explains: What makes the Super Bowl such a big deal

By The Associated Press | From Page: B2

 
.

Business

.

Obituaries

Don Johnson

By Nancy Green | From Page: A4, 3 Comments

 
Thomas Clark

By Nancy Green | From Page: A4

.

Comics

Zits Jan 27

By Daily Republic Syndicated Content | From Page: B4

 
Beetle Bailey Jan 27

By Daily Republic Syndicated Content | From Page: B4

Peanuts Jan 27

By Daily Republic Syndicated Content | From Page: B4

 
Blondie Jan 27

By Daily Republic Syndicated Content | From Page: B4

Rose is Rose Jan 27

By Daily Republic Syndicated Content | From Page: B4

 
Garfield Jan 27

By Daily Republic Syndicated Content | From Page: B4

Get Fuzzy Jan 27

By Daily Republic Syndicated Content | From Page: B4

 
Baby Blues Jan 27

By Daily Republic Syndicated Content | From Page: B4

B.C. Jan 27

By Daily Republic Syndicated Content | From Page: B4

 
Pickles Jan 27

By Daily Republic Syndicated Content | From Page: B4

For Better or Worse Jan 27

By Daily Republic Syndicated Content | From Page: B4

 
Sally Forth Jan 27

By Daily Republic Syndicated Content | From Page: B4

Baldo Jan 27

By Daily Republic Syndicated Content | From Page: B4

 
Frank and Ernest Jan 27

By Daily Republic Syndicated Content | From Page: B4

Wizard of Id Jan 27

By Daily Republic Syndicated Content | From Page: B4

 
Dilbert Jan 27

By Daily Republic Syndicated Content | From Page: B4

Bridge Jan 27

By Daily Republic Syndicated Content | From Page: B5

 
Crossword Jan 27

By Daily Republic Syndicated Content | From Page: B5

Cryptoquote Jan 27

By Daily Republic Syndicated Content | From Page: B5

 
Word Sleuth Jan 27

By Daily Republic Syndicated Content | From Page: B5

Sudoku Jan 27

By Daily Republic Syndicated Content | From Page: B5

 
Sally Forth Jan 26

By Daily Republic Syndicated Content | From Page: A6

Wizard of Id Jan 26

By Daily Republic Syndicated Content | From Page: A6

 
Peanuts Jan 26

By Daily Republic Syndicated Content | From Page: A6

Beetle Bailey Jan 26

By Daily Republic Syndicated Content | From Page: A6

 
Garfield Jan 26

By Daily Republic Syndicated Content | From Page: A6

Frank and Ernest Jan 26

By Daily Republic Syndicated Content | From Page: A6

 
For Better or Worse Jan 26

By Daily Republic Syndicated Content | From Page: A6

Blondie Jan 26

By Daily Republic Syndicated Content | From Page: A6

 
B.C. Jan 26

By Daily Republic Syndicated Content | From Page: A6

Baldo Jan 26

By Daily Republic Syndicated Content | From Page: A6

 
Zits Jan 26

By Daily Republic Syndicated Content | From Page: A6

Pickles Jan 26

By Daily Republic Syndicated Content | From Page: A6

 
Baby Blues Jan 26

By Daily Republic Syndicated Content | From Page: A6

Rose is Rose Jan 26

By Daily Republic Syndicated Content | From Page: A6

 
Get Fuzzy Jan 26

By Daily Republic Syndicated Content | From Page: A6

Dilbert Jan 26

By Daily Republic Syndicated Content | From Page: A6

 
Word Sleuth Jan 26

By Daily Republic Syndicated Content | From Page: A7

Bridge Jan 26

By Daily Republic Syndicated Content | From Page: A7

 
Crossword Jan 26

By Daily Republic Syndicated Content | From Page: A7

Cryptoquote Jan 26

By Daily Republic Syndicated Content | From Page: A7

 
Sudoku Jan 26

By Daily Republic Syndicated Content | From Page: A7