Media tycoon Murdoch rejected Time Warner acquisition

Netease Technology News July 17 news, according to foreign media reports, Rupert Murdoch's media empire 21st Century Fox recently proposed to acquire Time Warner for 80 billion US dollars, but this ambitious deal was hit on Wednesday Rejected.

If the acquisition is successful, it will be the second-largest deal in the media industry, second only to the poor acquisition of AOL by Time Warner in 2000.

Time Warner confirmed on Wednesday that the company has rejected the 21st-century Fox proposed cash and stock acquisition plan, saying it is not in the company's best interests. Time Warner said in a statement that its strategic plan "can create much more value."

Time Warner's statement also states that there is a regulatory risk in mergers and acquisitions and that there is "uncertainty" about the value of 21st-century Fox stocks that do not have voting rights.

Time Warner does not have a controlling shareholder, while 21st Century Fox is dominated by the Murdoch family, which holds 39.4% of Class B common stock, which have the voting rights.

Time Warner said 21st Century Fox proposed 1.515 non-voting Class A common shares plus 32.42 US dollars in cash to acquire Time Warner shares, equivalent to a purchase price of nearly 86.30 dollars per share. This price is almost 22% higher than the closing price of Time Warner on Tuesday.

The 83-year-old Murdoch has spent nearly 50 years creating a global media giant covering movies, television and newspapers. His tactic is to make bold acquisitions. These deals are usually rejected at the beginning, but in the end they are always possible.

A source said that Murdoch is unlikely to abandon the deal, because he has "considerable patience" to complete the transaction. (Abby)