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Rupert Murdoch withdraws $80 billion offer for Time Warner

Aug 06, 2014    

New York Media tycoon Rupert Murdoch has said his 21st Century Fox group had withdrawn its bid for Time Warner, a massive offer which could have shaken up the media-entertainment world. Worth an estimated $80 billion, the offer was taken off the table after Time Warner "refused to engage with us" and the news hurt the share price of 21st Century Fox, Murdoch said yesterday."The reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders," he said, in a statement. "These factors, coupled with o...

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