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Thursday 24 July 2014

Rupert Murdoch makes $80bn offer for Time Warner

Deal would create a media giant and bring together Twentieth Century Fox and Warner Brothers movie studios and US television channels Fox, HBO, and TMT

Published 16/07/2014|13:38

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Rupert Murdoch
Rupert Murdoch

Robert Murdoch is said to have made an $80 billion takeover bid in recent weeks for Time Warner.

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A deal would make Murdoch the most powerful player in the US media with a market value of $140bn.

The New York Times reports that Chase Carey, the president of Fox reportedly held private talks with Time Warner’s chief executive Jeff Bewkes in early June.

Last month, Fox delivered a formal takeover proposal worth $85 in stock and cash for each Time Warner share, the New York Times said.

The bid was around 25pc higher than Time Warner’s stock price at the time.

A combined company would have total revenue of $65bn. It was reported that Fox news offered to sell its global news operation CNN as part of the deal to ward off antitrust concerns.

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