Home From the Wires Murdoch pulls Time Warner deal

Murdoch pulls Time Warner deal

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Wednesday, August 06, 2014

Forbes.com: The industry titan said Fox was pulling its offer because its target refused to come to the bargaining table.

Murdoch also noted that the stock market’s reaction to Fox’s bid for Time Warner — the former’s stock tumbled while the latter’s surged — made the transaction as proposed untenable for his shareholders. Through Tuesday’s close, shares of Fox were down 11% since the takeover offer was made public July 16. Over the same span Time Warner surged 20%, but that rally was unwinding Tuesday morning.

 

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