Rupert Murdoch’s media conglomerate 21st Century Fox said yesterday that it made a bid for rival Time Warner, but that no talks are ongoing after the bid was rejected.
The bid, which would have combined two of the world’s biggest media-entertainment empires if allowed to proceed, was for $80 billion.
A statement from 21st Century Fox, said it “made a formal proposal to Time Warner last month to combine the two companies.
The statement from 21st Century Fox, which came after a New York Times report about the offer, said the Time Warner board of directors “declined to pursue our proposal,” and added that “we are not currently in any discussions with Time Warner. “
The source familiar with the talks told the media that Murdoch’s group wanted to buy Time Warner and then spin off CNN, which is the cable news rival to his Fox News Channel.
Time Warner meanwhile issued a separate statement confirming that it received, and rejected, an offer of stock and cash from 21st Century Fox.
“The Time Warner board, after consultation with its financial and legal advisors, determined that it was not in the best interests of Time Warner or its stockholders to accept the proposal or to pursue any discussions with Twenty-First Century Fox,” the statement said.
