Rupert Murdoch's company 21st Century Fox unsuccessfully bid $80 #billion for Time Warner last month, the company said in a statement confirming a New York Times report on Wednesday.
"21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies,' the statement said. 'The Time Warner Board of Directors declined to pursue our proposal. We are not currently in any discussions with Time Warner.'
The speculation into a possible acquisition attempt started on July 1 after Reuters published a curtain-raiser on the Allen & Co. gathering in Sun Valley, Idaho, one of the many summer summits attended by high-profile media, tech and finance executives.
21st Century Fox first approached Time Warner in early June, according to the Times. But Time Warner, parent company of the Warner Bros. empire, Turner Broadcasting and HBO, wasn't having it.
'Time Warner's board discussed the proposal at length, the people briefed said, and early this month it sent a terse letter rejecting the offer, saying the company was better off remaining independent,' the Times reports.
- Posted using BlogPress from my iPhone
No comments:
Post a Comment