Market Overview

Time Warner Plunges After-Hours As Fox Withdraws Bid

Share:
Related FOXA
Netflix Lands Streaming Rights To FX Emmy Hit 'American Crime Story'
BTIG Says Twitter Is Betting The Farm On Live Sports, Video To Court Media Giants' Interest
Fox News spins ratings gold from GOP convention (Seeking Alpha)

Twenty-First Century Fox (NASDAQ: FOX) announced Tuesday that it is withdrawing its bid for Time Warner (NYSE: TWX).

Rupert Murdoch wrote in a statement that this was a great opportunity, but that Time Warner management refused to engage with his company to explore a highly compelling offer.

Instead, the board authorized a $6 billion share repurchase program. The company didn't say how it will fund the program, although it inked a $9 billion deal last week to sell its Italian and German pay-television business to British Sky Broadcasting Group.

Time Warner was recently down 11 percent after-hours, while Twenty-First Century Fox gained more than seven percent.

Posted-In: Rupert MurdochNews After-Hours Center

 

Related Articles (TWX + FOXA)

View Comments and Join the Discussion!