Time Warner Plunges After-Hours As Fox Withdraws Bid
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.
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